The Latest Gold COT (Commitments Of Traders) Data Confirms My Analysis
The latest gold COT (Commitments Of Traders) data confirms my latest analysis (see http://tradethecycles.blogspot.com/2008/05/gold-etf-gld-analysis.html), see the third/last data at http://www.cftc.gov/dea/options/deacmxsof.htm, since the savvy non contrarian gold Commercial Traders added a massive 32,117 short gold futures and options contracts in the five day period ending 5-20-08, while the clueless contrarian gold Speculators added a very large 19,203 long gold futures and options contracts in the five day period ending 5-20-08.
Note also that the overall position of the savvy non contrarian gold Commercial Traders is massively net short, while the overall position of the clueless contrarian gold Speculators (includes some gold "gurus") is massively net long.
There should be many great GDX/GLD/NEM shorting opportunities in the next few days, weeks, months, and, probably the next 18+ months (from 3-17-08) in the likely Wave 2 Cyclical Bear Market for GDX/HUI/XAU/GLD.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
Note also that the overall position of the savvy non contrarian gold Commercial Traders is massively net short, while the overall position of the clueless contrarian gold Speculators (includes some gold "gurus") is massively net long.
There should be many great GDX/GLD/NEM shorting opportunities in the next few days, weeks, months, and, probably the next 18+ months (from 3-17-08) in the likely Wave 2 Cyclical Bear Market for GDX/HUI/XAU/GLD.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
12:32 PM
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