October 5, 1999, the commitments for COMEX gold futures:
commercial insiders long 105,128, short 92,730
speculators long 43,094, short 64,951
small traders long 48,078, short 38,619
Very bullish IMHO. The big specs are still net short and the commercials net long after a $70 increase in the POG. In a "normal" commodity market this would be reversed by now which would point to a reversal in price. Not with this gold market! All this has happened on high volume and rising open interest: the open interest rose over 13,000 on Thursday alone, which was not included here.
Guys like Kaplan mistakenly thought that this market had been taken over by the speculators in the most recent run up.
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