reuters telling the truth about gold amazing !, page-11

"Something major could be on the cusp of happening.
The bullion banks are now long in the gold futures after being short this entire bull-market to date"


Hello everyone, I've been overseas holidaying for some time and just now getting back into the swing

The statement above by Touquoy was relevant throughout the 1980-2000 bear market as well. Bullion banks were buying as investors and speculators/hedge funds sold throughout the 90s, yet prices kept falling. Stewart Thompson has described this act during his time at Merrill Lynch

What we don't know is how long this process will unfold and how long the bullion banks will remain long taking the other side of all this selling before price turns upwards (actually the bullion banks are still net short given the data I have, despite their covering in the past 7 months).

Right now we're it's very clear that we're in a CYCLICAL bear market, which may turn into a SECULAR bear market depending upon whether investors/speculators keep selling or change their minds and go long again.

I've read some interesting stuff in this regard from the likes of the Perth Mint's Bron Sucheki, which I'll post in the days ahead, particularly in regard to institutional and retail distinction.

I hope everyone is handling the carnage OK, relatively speaking at least. Tough times for those long.

Rowingboat