Gold Surges as Hedge Funds Rush to Cover Short Positions
- Hedge funds caught wrong-footed as gold sees second-biggest short covering rally on record
- Money managers slash short positions and go net long by 15,103 contracts
- Rally fueled by geopolitical tensions but was ripe for a squeeze due to overweight shorts
- Long-term investors also jumping in, buying gold ETFs
- Silver market flips net long after weeks of being short as prices push above $23/oz