Hutch, I have found kaplan's review of COT to be very accurate....your comments please.
"As of November 3, 1998, released at 3:30 p.m. on November 6, 1998, the commitments for
COMEX gold futures show commercial insiders long 113,225, short 100,392; speculators long
9,917, short 27,612. Small traders included in the numbers above were long 36,061, short 31,199.
The average historic ratio for commercials is 2:3 long to short; for speculators, 2:1 long to short. Commercials have
switched from being substantially net short to modestly net long in just two weeks, which marks a
startling shift in position, and confirms that commercials are committed (pun intended) buyers at all
prices below $300 spot. In addition, speculators are nearly 3:1 short to long, with fewer than
10,000 long positions, representing a very limited pool of potential sell stops to be triggered in a
downturn. Therefore, this indicator has been raised substantially to SIGNIFICANTLY BULLISH."
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