Kitco reported speculators cut back on their bullish exposure to precious metals, according to U.S. government data released Friday.
As quoted in the market news:
For the week ended July 24, speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report reduced their net-long positions in all precious metals markets for both the disaggregated and legacy reports. Speculators’ net-short positions in copper increased.
Prices for U.S. metals futures mostly slid during the most recent reporting week that ended July 24. Comex August gold fell $13.30 an ounce to $1,576.20 as of July 24. September silver lost 50.5 cents an ounce to $26.811. Nymex October platinum sunk $34.10 to $1,386.60 an ounce, while September palladium slid $21.75 an ounce to $561.60.