AI
Friday, August 19, 2005 9:04:16 PM
*** Gold related post (CoTs) ***
>>>It will be interesting to see how fast that net position changes, in comparison to how far the spot price drops, by the next report. My guess would be that the shorts get covered faster than the last two dips, and gold is about to slingshot to $480 fairly quickly.<<<
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You must be krazi kid..... <gg>
You could be right, of course, but I don't see this CoT situation getting resolved in a manner that will be much to the liking of the ST gold bulls.
My guess is that a lot of those ST gold shares will become LTBH by default. <ng>
The last time the COMEX Commercial net short position was this large (193K vs 198K), the PoG fell approx $55/oz (430ish to 376ish) a about a six week period w/o much of a bounce to let the longs reduce their positions in relative comfort.
As for 'seeing' $480 gold fairly quickly, I think it more likely that snow will be seen in Michigan before gold sees $480.
I do agree with you in that it will be interesting.
Good luck to you.
http://www.freebuck.com/cot.shtml
>>>It will be interesting to see how fast that net position changes, in comparison to how far the spot price drops, by the next report. My guess would be that the shorts get covered faster than the last two dips, and gold is about to slingshot to $480 fairly quickly.<<<
===============================================================
You must be krazi kid..... <gg>
You could be right, of course, but I don't see this CoT situation getting resolved in a manner that will be much to the liking of the ST gold bulls.
My guess is that a lot of those ST gold shares will become LTBH by default. <ng>
The last time the COMEX Commercial net short position was this large (193K vs 198K), the PoG fell approx $55/oz (430ish to 376ish) a about a six week period w/o much of a bounce to let the longs reduce their positions in relative comfort.
As for 'seeing' $480 gold fairly quickly, I think it more likely that snow will be seen in Michigan before gold sees $480.
I do agree with you in that it will be interesting.
Good luck to you.
http://www.freebuck.com/cot.shtml
Dan 
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