<<COMEX open interest has dropped 31,746 contacts to 281,186 on Friday and Tuesday, we may be nearer to an interim low in the PoG than I had previously thought or hoped for.>>
Not so fast, Leroy ... [g]
February, 2005 GOLD bottom ... OI = 253,199 ... COMM = - 38,182 ... Large Specs = + 11,175
mid-June, 2005 GOLD bottom ... OI = 253,429 ... COMM = - 52,996 ... Large Specs = + 32,965
early-July 2005 ... OI = 281,186 ... COMM = - 165,574 ... Large Specs = + 129,931
Note ... when OI bottomed in August, 2004, it was 218,011.
Besides the CJ says bullion gets to at least 400 before it bottoms ... not that that could not be by Monday, July 11 ... [g]
Ken