If we look at futures data for gold, there's nothing to worry about. Gold has risen and speculators have only modestly increased longs and the commercials have done the same with their shorts. Extremely low volatility in volume for this year when comparing with all of last calendar year - what's with that?
And in a different view, speculator and commercial balance hovering between 12,500-17,500 shorts since the start of the year...nothing to be alarmed at when you consider it peaked at 34,436 short on 20th September last year when gold was hovering around US$1,350.
Something has to crack soon...is this the fabled end of COT and paper markets? Don't bet on it...
COT Gold Charts, page-46
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