Are producer's clueless ?
More net buying by gold producers last week. Now they are short 2.36:1.
One year ago they were short 12:1. That is an amazing reduction in their short:long ratio. Last time we saw this was in the late, 1990s when gold was $275/oz. What followed was a rally to $1900.
On the other side, speculators are net short 72k contracts. (But it's all hedge funds and futures; funds.)
You have to ask yourself, do the speculators know more about what is going on in gold than the people who mine it and deal in it? Are gold producers clueless? If so, that would be a first.
gold, page-45080
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