With the US dollar retreating and the gold market rallying, here is something we haven’t seen in the gold market since 2001!
GOLD: First Time We Have Seen This Since 2001
August 17 (King World News) – Here is an important note from Peter Boockvar: For those who care about gold such as myself, in the just released CFTC data for the week ended Tuesday, speculators went net short for the first time since December 2001 when gold was priced at $275 an ounce. It’s tough to find a more contrarian indicator.
Speculators Now Net Short Gold For First Time Since 2001!
King World News note: The key here is that the data from the latest takedown is delayed. We will see it in next week’s COT report. For what it’s worth, I have made two tranches of purchases in the mining sector today with two more to follow. If the banks are ready to skin the shorts, the high-quality mining stocks will fly.
ALSO JUST RELEASED: Gold Market Bounces But Here’s Why Contagion Worried Continue To Persist CLICK HERE TO READ.
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