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Gold Gets Ignored in Greek Meltdown With Fewest Bulls Since 2006

Tuesday, July 7, 2015 5:27
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(Before It's News)

by Luzi Ann Javier
Bloomberg.com

Gold’s fallen so far out of favor that even as Greece lurches closer to a possible exit from the euro, investors are shunning the metal known for being a haven.

More than $300 million has been wiped from the value of exchange-traded products backed by the metal in the past month, data compiled by Bloomberg show. Money managers are holding the smallest net-bullish wager since 2006, U.S. government figures show.

As pressure grows on Greece to come up with a plan to stay in the euro after voters said no to more austerity, gold’s volatility is tumbling and prices are languishing near a three-month low. Bullion has slumped about 40 percent since reaching a record in 2011 as investors ignored the metal in favor of equities and the dollar.

Continue Reading at Bloomberg.com…



Source: http://financialsurvivalnetwork.com/2015/07/gold-gets-ignored-in-greek-meltdown-with-fewest-bulls-since-2006/?utm_source=rss&utm_medium=rss&utm_campaign=gold-gets-ignored-in-greek-meltdown-with-fewest-bulls-since-2006

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