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>
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