Precious metals expert Michael Ballanger compares the Dec. 1, 2015 Gold COT Report with the latest one; the contrasts could not be greater.
by Michael J. Ballanger
The Gold Report
I have a question: “Does ANYONE have the foggiest recollection of just how incredibly bullish the Gold COT (Commitment of Traders) Report structure was back on Dec. 1, 2015?”
The Large Speculators were net long a paltry 9,750 gold futures contracts; today they are net long 285,911 contracts.
The Commercials were net short 2,911 contracts; today they are net short 315,477 contracts.
The always-wrong Small Speculators were net short 6,839 contracts; today they are net long 1,577 contracts.
Market timers for gold were 104% bearish (meaning that they were short); today they are 94% bullish (long to the teeth).