forget cftc conspiracies - look at us bonds, page-7

SW

Yes interesting. Managed money is still selling down their longs OR are they increasing their shorts ........ the chart is NET.

There are many interpretations in this chart IMO. Managed money saw net positions decrease dramatically during GFC1. This coincided with the big fall in the POG. I guess they could have liquidated their longs hence the lower Net position, but equally so they could have sold existing holdings short .......

Apart from the GFC blip, Managed Money has been net long gold for a while. I guess what I'm saying is that Managed money might actually be purposefully building a net long in physical only to show a reduced net position when need be (i.e. GFC).

Current net long reductions could be a shorting exercise in disguise in preparation for GFC2 (i.e. managed money is speculating that the POG will again plummet). However, I'm not so sure that gold will plummet this time as this much anticipated GFC2 is all about sovereign debt defaults ......... amidst animosity towards USD. I suspect a greater proportion of the flight to safety will be to gold this time and physical at that.

Watching closely for better definition this time round.

GC