One of the more telling statistics about gold's recent retrenchment was news out last Friday that hedge funds are net short gold for the first time since 2006, the first year the Commodities Futures Trading Commission began collecting such data.
Abandoning or shorting gold has been the way to go. The SPDR Gold Trust (ETF) (NYSE: GLD), the world's largest exchange traded fund backed by physical holdings of the yellow metal, has plunged 9 percent over the past 90 days. Gold miners have been worse as highlighted by a three-month decline of almost 34 percent for the Market Vectors Gold Miners ETF (NYSE: GDX).
Still, some titans of the hedge fund world remain stubbornly long gold, including John Paulson and David Einhorn, according to the New York Post.
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