Commercial gold position is totally 100% meaningless IMO.
Commercials are gold producers.
They mine gold.
They sell gold in the futures markets.
The producers will always be short gold.
Period, end of story.
They will never be long.
There is a nother class of commercials, however.
They are the jewerly makers etc etce. They buy gold. They will never be short it, but they buy it when they need it and expect to sell if for a profit.
Thus No squeeze, ZERO chance of a squeeze against the commercials.
The position to watcvh is the long vs short position in the small specs (non-reportables), and the big specs (the MUFUs).
The big specs were huugely long but two weeks ago we rallied because there was signifivcant short interest. Other hedge funds, or some MUFus were short gold and some weere long. Hardly anyone is short now, so the odds of squeeze anywhere is rather small. It will liklely rise and fall with the US$, no more no less, and none of this has ANYTHING to do with "commercials" being hugely short.
They were short at 300, 350, 375, 399, 400 and will be short at 410, 430, 480, and 500 or even 1000 if we get there. Simnply because they produce gold and sell it, typically in the futures markets.
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