We’ve written a few times of late about the very interesting, possibly instructive, changes on the COMEX. Below are a couple of graphs that put this into clearer perspective. Understanding that the Managed Money is the speculative hedge funds and Commercials are the big banks and hedgers is important and ties in with yesterday’s article. The speculators are so bullish on the free money / anti gold game continuing they have taken up a record first ever net short position on gold. The experienced Commercials on the other hand have a historic knack for being correctly positioned at major turning points in a market. Note below they are at their lowest net short position in gold since the start of the secular bull market in 2001. The choice is yours… the fast, speculative money or the experienced money… which cue do you take?
