Commercial hedgers have now increased their most net-long positions in the gold market in 17 years (long for the fifth week in a row).
Commercial Hedgers Most Long Gold Market In 17 Years!
October 5 (King World News) – Commercials increased their net-long position in the gold market to the largest level in 17 years! Below you can see the commercials net-long gold position, even without the data from this week’s action being reflected yet (see 24-year chart below).
24-YEAR CHART: Commercials Most Long Gold Market In 17 Years!
It will be very interesting to see next week’s report…
To listen to Doug Casey’s just-released KWN interview discussing his prediction of financial and economic chaos and a panic into gold CLICK HERE OR BELOW:
We have already witnessed large scale capitulation in the gold and silver markets, both in the precious metals and the underlying shares of the high-quality companies that mine and explore for the metals. Commercial hedgers remained long the gold market (fifth week in a row) for the first time in 17 years. At some point the bullion banks will unleash a historic short squeeze.
We may have already seen the bottom of the gold market when it hit $1,160 in overnight trading in Japan during the final stages the brutal takedown weeks ago. So $1,160 will be the key number to watch in the short-term. For those who are taking advantage of this historic capitulation, the odds greatly favor a major upside reversal.
ALSO JUST RELEASED: EUROPEAN ANALYST: Is An Epic Gold Short Squeeze In The Cards? CLICK HERE TO READ.
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