Buzz & Banter
Just to give a picture to the words of Kevin below, I have included a current chart of the futures positioning for small speculators (red line, left scale) and commercial traders (green line, right scale). This is current as of this past Tuesday. Note that commercials are now more short than they were at the gold peak earlier this year, and in fact have now set a new all-time record for a net short position. However, small speculators, those usually wrong on market direction, are not quite as enthusiastic as they were at the beginning of the year, although historically they are still holding a very large net long position. Technically, gold looks just fine after breaking out of its coil, but keep this information on your radar if you are trading gold or gold shares.
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