There are still analysts talking about the Commercial traders always being right in the end as if the CoT buildup has been some evil operation against gold. It makes a good story but the reality is that higher prices are driven by speculators and hedgers (Commercials) hedge rising prices. With the top taken off of gold’s froth over the last week, hedgers relaxed some net short activity as of Tuesday, and large specs started selling.
Is the CoT trend over in gold, and thus ready to signal a correction? Undetermined; a hallmark of this first bull leg has been that it refuels on the fly turning up when sensational headlines like “Get 30,000 Coffins Ready” (March 12, with gold at 1251/oz.) show up posing as analysis.
As for silver, there was not as much change there from its very extended alignment.
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