Hedge Funds bearish gold bets are not for the faint of the heart. In a sign of piling on – contrarians anywhere? – hedge fund short positions in gold futures exceed 2.7 million ounces.

Bloomberg writes: Managed money funds’ position in Comex gold futures and options last week crashed to a net short of 27,156 contracts. That amount — equivalent to 2.7 million troy ounces, or 14 million-odd wedding bands — represents the most bearish position for hedge fund investors in data going back to 2006, outstripping even the major wobble at the end of 2015 as the U.S. Federal Reserve started edging away from its zero-interest-rate policy.