Here's a COT chart vs the gold price. COT is declining, so the gold price won't be going anywhere in a hurry unless someone pulls a rabbit out of the hat.
A gold ETF closed last week due to lack of interest.
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Direxion, the second-largest sponsor of inverse and leveraged exchange traded funds, said it is closing the Direxion Daily Gold Bull 3X Shares (BAR) .
The firm previously shuttered BAR’s bearish equivalent, the Direxion Daily Gold Bear 3X Shares (BARS). The two ETFs debuted in April 2014.
Due to BAR’s “inability to attract sufficient investment assets, Direxion believes the Fund cannot continue to conduct its business and operations in an economically efficient manner. As a result, Direxion concluded that liquidating and closing the Fund would be in the best interests of the Fund and its shareholders,” said Direxion in a statement.
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