Zeev's Turnips Patch-No Politics (ZEEV)

[oeo2oo]

The net long position of speculative large investors (not 100% sure who the WGC is including in these totals) has been rising, albeit somewhat choppily, since late May/early April of 2001.

According to the WGC:


The latest Commitment of Traders Report from the Commodity Futures Trading Commission (week to 26th August)
shows that large-scale speculators added over 100 tonnes to their gross long positions, while there was also some short
covering as some traders took a view on the price (which at that point was $360/ounce). In the smaller scale sector
there were additions to both long and short side positions. The combined net position among COMEX speculators now
stands at a net 312t long, equivalent to five weeks’ fabrication demand (basis 2002 offtake figures from GFMS).

As you just reported, the totals from last week increased once again.

Here's a modification of my previous chart, with a couple of trend lines. The left scale shows the net long tonnage held by large speculators. The right scale is the price of gold. I drew the trend line for the gold price to the current level of $375. Can you see it now? <ggg>