gold, page-2146

Thanks for that summary AJ. I also don't want a market crash. A nice steady pullback to something like fair value in the US stock market is what we need if positioned in goldies. Even if a market crash occurs, the TPTB would never allow the POG to soar to ridiculous heights. It will always be massaged or manipulated or managed or any other 'm' word one wants to insert.

Regarding the COT's report and commercials. The old days whereby the majority of the commercials were hedgers is ancient history. The majority of commercials nowadays are the bullion banks, who are also mostly the market makers. Additionally, the bullion banks also actively speculate. Technically, if speculating then the definition puts them in the money manager category. However, because they qualify under the commercials definition they appear in that category.

Just checking. You do realise that ultimately the XAU/USD chart is the reflection of June's POG Futures market. Punters playing the FOREX market in XAU/USD are just trading CFDs.

Therefore, the COT's report is very important to understand the technical dynamics, but sadly very difficult to analyse.

What I want to see is the commercials starting to cover their shorts. When that happens then I will be more confident that a bull market in the POG has commenced. Until then this could easily be a bear rally.

Cheers