Gene Arensberg: Comex commercials nearly net long gold


1:46p ET Tuesday, July 2, 2013

Dear Friend of GATA and Gold:

Gene Arensberg's new edition of the Got Gold Report focuses on the remarkable transformation of the largest commercial traders from short to long gold.

Arensberg writes:

"As of this June 28 report (data as of Tuesday, June 25), the commercial hedgers had their least net short (least number of net hedges) for gold as a percentage of the total Comex open interest (9%) since December 2001, which coincidentally was the last time commercial traders as a group were net long gold futures. Gold changed hands for $270 the ounce back then, by the way.

"So one might conclude that with gold in the $1270s last Tuesday, the combined commercial traders of gold futures' expectations that the gold price would fall further than it already has is equivalent to when gold was trading in the $270s (not a misprint), three months after the 9-11 terrorist attacks. ... That is to say that the commercials are not positioning for further gold weakness if their net futures positioning is any guide."

The new GGR is headlined "Comex Commercials Nearly Net Long Gold" and it's posted in the clear here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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