One of the most important reports ever on the gold market was just released!
GOLD: “We Are Here”
June 29 (King World News) – Here is a portion of today’s note from Jason Goepfert at SentimenTrader: “Good signs for gold. Several signals are showing up suggesting a good risk/reward for gold. Money managers are short…
To find out which company is one of the top junior mining companies in the world that savvy investors around the globe are lining up to buy CLICK HERE OR ON THE IMAGE BELOW
Jason Goepfert continues: “In Thursday’s report, we saw just how wicked the last two weeks have been for gold, with a sell off that rivals the metal’s worst-ever stretches over a two-week period.
CONTRARIAN INDICATOR: Money Managers Now Short
Traders have taken note and are fleeing. The latest data from the CFTC shows that money managers are net short gold futures for one of the few times in over a decade. The only times when they were more pessimistic on the metal were a few weeks in July 2015 and December 2015 – January 2016. When managers were holding few long positions, gold tended to rally.
When money managers were short gold, it returned an average of 13.4% over the next 3 months (see chart below).
Options traders have left the primary gold fund, GLD. Total open interest is nearing its lowest-ever level. Open interest tends to ebb and flow with interest in gold, suggesting there’s a whole lot of apathy for the metal now.
Total open interest in GLD options has skidded to its 2nd-lowest level since 2010 (see chart below).
Traders in the Rydex family of mutual funds have all but given up on precious metals, too, sending assets in that fund careening to the 2nd-lowest level in two years.
Over the past year, Rydex fund timers have had fewer bets on precious metals only once (see chart below).
They’re doing this just as gold (and the GLD fund) has typically bottomed right about now, with a seasonally strong window from July through the late summer.
The GLD fund has had a strong tendency to rally during the mid- to late- summer months (see chart below).
GOLD: “We Are Here!”
According to Thomas Thornton, the DeMark system of technical exhaustion has triggered….To continue reading one of the most important and timely gold reports ever from SentimenTrader, sign up for a free two week trial immediately by CLICKING HERE. This special gold report is just another example of why Jason Goepfert is the best in the world at what he does — providing actionable market data.
To listen to the powerful KWN audio interview with Bill Fleckenstein CLICK HERE OR ON THE IMAGE BELOW.
KWN has also released the powerful audio interview with Gerald Celente discussing what will cause the price of gold to soar, the top trend for the back half of 2018 as well as what surprises to expect and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
ALSO JUST RELEASED: The Invisible Hand, Stocks, Bonds & Gold CLICK HERE TO READ.
© 2018 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.