The Globe and Mail reports in its Wednesday edition that gold ($1,233.60) posted a fourth straight monthly decline as more signs of U.S. economic strength bolster the case to raise interest rates. A Bloomberg dispatch to The Globe says that with holdings in exchange-traded funds shrinking, investors have been building bets on further price declines. As of last week, money managers held the biggest net-short position in futures and options in records going back to 2006. The precious metal fell out of favour after U.S. Federal Reserve policy makers boosted rates twice this year. The Fed is expected to affirm plans for two more hikes at a meeting this week. Traders picked the dollar over the metal this year as the haven of choice as geopolitical turmoil and a trade dispute between the United States and other global powers roiled markets. "Gold is constantly being liquidated," said Phil Streible, a senior market strategist at RJO Futures. "When rates rise, people go after higher-yielding assets and sell metals, which give no rate or return." An index of gold miners is on track for its fifth monthly decline this year, with Barrick Gold, Agnico Eagle Mines and Goldcorp pacing declines in July.