In the Valley of Gold

What you make of the gold market right now depends on what you make of the kind of data UBS’s precious metals team follows. Big institutional players in the New York futures market slashed their bullish betting on gold in the week of June 10. Data from the CFTC — the U.S. regulator — shows a net reduction of 11 percent in the long gold positions held by what it calls “large speculators.” And this “reduction in the gross longs maybe a further sign that gold is losing its attraction,” reckon analysts at the Swiss banking and wealth management giant. But less pressure…