As of August 11, 1998, released at 3:30 p.m. on August 14, 1998, the commitments for COMEX gold futures show commercial insiders long 129,913, short 65,851; speculators long 9,059, short 68,769. The average historic ratio for commercials is 2:3 long to short; for speculators, 2:1 long to short. This has improved strongly from the readings from two weeks earlier, and are now at an all-time record, and clearly EXTREMELY BULLISH. A continued recent surge in open interest suggests strongly that commercials have continued to buy gold heavily since the commitments were tabulated, creating an even more lopsided commercial net long position in COMEX gold futures.
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