This indicator says the price of gold is now headed above $1,700.

We are going to make this update short and simple.  Jason Goepfert of SentimenTrader pointed out that while small speculators have been puking up long gold positions in the paper market, the “smart money” has been buying GLD (see chart below).

Spec positions in gold futures dropped 20% while GLD holdings rose

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Goepfert then pointed out that the median return for gold one year after a two week period of 20+ percent long gold speculator selling and 1+ percent increase in GLD buying was a staggering 34.3 percent!  That would put the price of gold over $1,700 if it were just to follow the median increase!  It will be very interesting to see if the pattern of aggressive price gains for gold unfolds once again.

The chart above is from SentimenTrader. To try a free 14-day trial of the internationally acclaimed work that Jason Goepfert produces at SentimenTrader simply CLICK HERE.

***KWN has now released the powerful audio interview with Gerald Celente and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

***ALSO RELEASED: The Shocking Truth About How Bad The Economy Really Is In The United States CLICK HERE.

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***KWN has also now released the extraordinary interview with John Embry and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

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