Not one for the perma bull, but an interesting take...
Do the 'dumb money' specs always get it wrong? Check out the amount of commercial shorts that were hung out to dry during the 10 year bull market. Only the bullion/ investment banks could absorb losses on that level. Proof positive they take the short side to control price, and making money is secondary IMO
Not sure what to make of the 90s when the commercial longs burnt. I'm guessing more miners hedging? Certainly a different era
Bottom here?, page-285
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