Professional Documents
Culture Documents
Net Small Specs
Net Small Specs
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new shorts and 304 new
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longs.
-100,000
As you can see, the
speculative long side is the
lowest level it has been in a
year.
-200,000
-300,000
-400,000
-500,000
Funds Net Commercials - Net Small Specs Commercial Shorts Fund longs
Dan Norcini Houston, TX
Commercial Activity in Comex Gold
400,000
It is interesting to note that this is the second largest commercial long
position since January of this year which is also the second largest in
more than the 4 years that the data series covers. At that time gold was
350,000 trading near $870. It then ran to over $1030 in the next two month's time.
They tend to buy on the way down and sell on the way up as they lift their
long side hedges into spec buying. Apparently there are locking in long side
coverage at current levels and doing so in pretty good size. This seems
300,000
to confirm that there is a great deal of business being done in the physical
market at current levels
250,000
200,000
150,000
100,000
50,000
0
11/6/06
11/6/04
11/6/07
11/6/05
3/6/04
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5/6/08
9/6/08
Commercial Shorts - Bullion Banks Commercial Longs
U.S. Dollar Index - Commitments of Traders (Net Positions) If you didn't feel the
Long Dollar trade
40,000 was getting
crowded last week -
this week has set a
new record for long
30,000
side spec exposure
and short side
commercial
20,000 exposure.
This is what a
-30,000 monetary authority
engineered
currency rally looks
-40,000 like when it is fully
ripe on the vine
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plucking
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Funds Commercials Small Specs