Saturday, September 30, 2017

Quick update to yesterday's post on gold...

In yesterday morning's blurb on gold we began with:
While the price action in gold has confirmed (as we've hinted) our near-term (bearish) sentiment on its prospects, others (the majority I suspect) clearly see it differently.
And ended with: 
Again, if we're right on the present economic setup, we may see a reversal in sentiment, and a continued slide in the price, in the coming weeks.
Here's a newsflash from yesterday afternoon:
Hedge Fund Managers Cut Net Bullish Gold Bets
(Bloomberg) -- Money managers have cut their bullish gold bets by 37,919 net-long positions to 204,731, weekly CFTC data on futures and options show.
  • The net-long position was the least bullish in five weeks
  • Long- only positions fell 30,414 lots to 227,673 in the week ending Sep. 26
  • The long-only total was the lowest in five weeks
  • Short- only positions rose 7,505 lots to 22,942
  • The short-only total was the highest in seven weeks
While their positioning is still net long (bullish), it looks like some hedge funds may be sharing our near-term sentiment.

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