Soros and some other prominent hedge funds cutting their gold ETF positions in the fourth quarter “may bolster speculation that gold’s 12-year bull-run is coming to an end as economic data from the U.S. to China show signs of recovery, curbing haven demand,” according to the report.
“Gold traders are the most bearish in more than a year on mounting speculation that improving economic growth from the U.S. to China will curb demand for this year’s worst-performing precious metal,” Bloomberg reported in a separate article.
Silver ETFs were also set for a lower open Friday. The iShares Silver Trust (NYSEArca: SLV) slipped 1.5% before the bell.
SPDR Gold Shares
Full disclosure: Tom Lydon’s clients own GLD and SLV.