Hedge funds snap up gold, but where's it heading?

Hedge funds are snapping up gold, pushing their net long positions to levels not seen for almost two years. Meanwhile, analysts are split over what 2015 will hold for the precious metal.

Speculative investors bought gold for a fourth successive week at a "strong pace" upping long positions. Silver has also been bought for close to 12 weeks, but positioning remains "far from stretched", according to data from Bank of America Merrill Lynch.

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