The sell-off in gold futures that occurred in late February and early March
coincided with a sharp decline in speculative activity in the gold market,
according to the Commodity Futures Trading Commission's (CFTC) weekly
commitment of traders report. For the week ended March 6, 2012, managed-money
firms reduced net-long positions in COMEX gold futures and options by 26% to
145,997 contracts.
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