Commercial gold traders are still short, but barely.
I like the format of CotPriceCharts but there is a delay in updating the charts for some reason.
I highlighted the changes as noted by the current US Commodity Commitment of Traders Report. Not all of the reports are in a single link.
Commercial traders (miners forward selling gold plus the market makers) are barely net short. The miners selling gold are always net short.
Big specs are net short for the second week. Prior, the last time big specs were net short was December of 2001.
A week ago I reported Large Specs Net Short Gold First Time Since 2001: Buckle Up!
My comment then was “This is an exceptionally good gold setup.”
Gold Weekly Rally
Gold rallied $29.10 this week, but that is not an accurate way of looking at things from a COT point of view.
The COT reports came out today but are as of Tuesday, August 21.
We do not know if shorts added to or reduced positions today, on Fed Chair Jerome Powell’s speech.
For discussion, please see Powell Praises the Fed, Discusses the Stars (Literally), Defends Goldilocks.
If shorts increased their bearish bets they added more to the short-covering fuel.
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