Hedge Funds Coming Off Record Short Could Boost Gold Rally
- Metal soared to the highest since April on global growth fears
- “Reverse snowball effect” attracting funds: Marex’s Govett
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Gold’s recent rally could have further to run if hedge fund managers ramp up bullish bets after last year’s extended big short.
The metal soared to a 10-month high of $1,346.80 an ounce on Wednesday as a mounting chorus warn of an imminent slowdown in global growth -- yet, the fast money has largely missed this uptrend.