02 Oct COTW: Blood on the Streets in the Gold Market
The chart below can be downloaded here.
According to the CFTC’s weekly Commitment of Traders report, investors (i.e. traders that are “non-commercial”) are short over 80,000 gold futures contracts, a record. Such extremes in positioning have a tendency to coincide with turning points in markets. While extreme positioning can always get more extreme, we believe this bodes well for gold going forward.
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