Ann: Quarterly Activities and Cashflow Report, page-57

The chart below records the number of speculative gold contracts (long positions). The number of contracts had dropped a little as record on 28th July. Putting on a contrarian thinking cap, I think that is a good sign. Generally GP is positively correlated to this speculative contracts and yet GP is still holding up very well. What I like is that, a reduced speculative contract number implies if there is a stock market crash, the net impact to GP will be a lot less as there will be less margin calls. Also GP still has a bit to run..

However there are many ways to interpret this chart. Something to think about!