Hedge funds exit gold before Fed sparks worst rout in month

June 19, 2017

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Hedge funds were smart enough to get ahead of Janet Yellen’s bad news for the gold market.

Money managers pared their net-bullish wagers in the metal for the first time in four weeks. The next day, the move was vindicated when Federal Reserve Chair Yellen raised US interest rates and sparked the biggest weekly loss for gold prices in more than a month.

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