Gold and Gold Stocks, Part Two – Positioning and Sentiment
Last week’s commitments of traders report (cut-off date Tuesday May 21) showed little change (approx. 3,500 contracts net), but only about 83,000 contracts remain of the large speculator net long position in the 100 ounce COMEX contract. Since the price declines later in the week are not captured in this report, further changes have since then presumably occurred. Again, it is not bullish when the large speculator gross short position increases and it is still doing so (currently at 103,195 contracts).
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