Gold!
In my chats a several weeks I ago, I told you gold needed to go down. Now what is interesting is that commercial gold traders, otherwise known as “the smart money,” had amassed the largest short gold futures position of the past several years. In other words, they were betting on a decline in the price of the shiny yellow metal.
The Commitment of Traders report, issued last Friday and reflecting positions through last Tuesday, showed these traders are now even more bearish. The smart money short position is now a huge 320,000 contracts.
The smart money is betting big on a drop in the price of gold. And they’re now on the right side of the trade.
4 comments
Joe Hi
How long do you think the down trend will last, as many pundits are predicting gold to be between $1500- $2000 next year this time?
Mr.Ross,
You are right on the money.However the question is gold coming down to correct the current ‘out of whack’ price against silver?
Your thoughts please.
thanks for your interesting posts, now it looks as if some big boys getting squeezed a bit.
Hi Joe, this blog is interesting, but there’s no way to see the date you made each post. This would be helpful sometimes.
Kind regards,
Stacey
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