The Phaserl


Record shorts fail to push gold to new lows

by Alasdair Macleod, Gold Money:

This week has seen a mighty struggle as the bears tried to push the gold price below the $1200 level. However on both occasions the price rallied strongly afterwards.

On Comex, Managed Funds’ short positions have suddenly escalated reflecting negative mainstream opinion as shown in the following chart:

The next chart shows the net position of the largest four traders, who we can assume are US bullion banks, and are unusually net long over 60,000 contracts. They are obviously choosing to maintain a long position:

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