Notice it takes about 8 weeks for the COTs extreme positions to work themselves through. Pity his gold COT chart is a repetition of the silver chart, but you can get the picture.
As a long term gold bull, who spends too much time looking at, and suspecting different plays, I was confident that the payrolls would come out high. ( Yes, I believe some are given hints as what to expect) I've noticed in the past, when POG falls for a couple of days in US trading hours pre payroll numbers, and then rises on the Thursday Asian times, this portends to a big fall when payrolls are published. ( You may remember some months back this heavy selling actually happened some seconds pre publication). More bang for the shorters' buck.
Looks like no Santa rally in PMs. We'll have to wait for the New Year if this is correct. The rising US$, and subsequent fall in the A$ will shield our goldies some, I hope.
