28
February
Bullish Gold Bets Rebound in February as Mideast Tensions Mount
28 February 2011 Bloomberg.com
Hedge funds boosted their bullish bets on gold to the highest since December, when the precious metal was headed to a record price, as tensions in the Middle East spurred investor demand for a haven.
Managed-money funds held net-long positions, or wagers on rising prices, totaling 182,739 futures and options contracts on the Comex as of Feb. 22, up 14 percent from a week earlier, U.S. Commodity Futures Trading Commission data showed last week. Holdings rose for a third straight week and are the highest since Dec. 7, the day gold reached a record $1,432.50 an ounce.
