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Money managers cut gold long positions, CFTC says *PIC*

Money managers cut gold long positions, CFTC says (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- More fund managers are switching to bets gold futures are going lower, although most managers are still holding long positions, or bets prices will go higher. According to Commodity Futures Trading Commission data released Friday, long positions declined by 1,636 contracts to 159,114 in the week to Jan. 18, while short positions increased by 4,680 to 25,874 positions. February gold futures (GCG11) settled lower Friday at $1,341 an ounce on the Comex division of the New York Mercantile Exchange. So far this year gold has lost 5.7%.