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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.80

+0.9%

Nov 19 4:00 PM EST

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To: IngotWeTrust who wrote (87875)	7/15/2002 3:57:08 PM
From: Real Man	Read Replies (1) of 116763

I only referred to COT and Steve Kaplan, who echoes it. The fact that "commercials are always right" within cftc reports has to be historically checked, and, in fact, this check says that during gold decline commercials were mostly long. I agree, COT only lists active futures contracts. How can you possibly know what's going on in OTC markets? Anyway, this historical check only applies to COT reports about commercials positions, not their actual off the book positions. I agree, extreme short position and extreme long position for small speculators is generally a negative. Then again, Steve Kaplan has been bearish through 500% hui rally because of somewhat negative COT reports.

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