gdb, I think you have it the wrong way round. Gold has been in a...

gdb, I think you have it the wrong way round. Gold has been in a long-term uptrend for 7 or so years, and all that time, without exception, the large commercials (which are predominantly gold miners) have been net short gold COTS, so it is they who have been, on average losing money on these trades, not the counterparties. Only they don't really lose, mostly, as the miners have natural long positions, and the banks use complex hedging strategies. Geddit? If not, consult Adam Hamilton's articles on this.

But ultimately, you are asking the wrong question. It doesn't matter who the counterparties are. You should be asking yourself "can this information give me an idea for a profitable trade, and if so, how?"