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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…