Gold: Its likely to be quiet today, with the US markets closed for the Labor Day public holiday. But the CFTC released its Commitment of Traders Report on Friday, as usual. To summarise, speculators were still (just) net short #gold as of 28 August. 1/6
Gold: The Managed Money category also remains net short #gold, although as in the case of the legacy report net speculative position, the net Managed Money short decreased slightly last week. 2/6
Gold: There was not much change to the Managed Money gross long #gold positions, which were steady around 11.4 million ounces. 3/6
Gold: Gross short #gold positions held by Managed Money declined by 700koz but remain extremely elevated by historical levels.
Conclusion - We’ve not seen a major short covering rally yet! 4/6
Gold: I also updated the Net Speculative position for Silver, just out of curiosity. The net spec position for silver went even further into short territory, more or less matching recent extremes seen in April 5/6
Gold: Last week’s divergence in speculators’ moves in gold and silver made me wonder whether silver had fallen vs. #gold. It had – look at the gold/silver ratio, at its highest level since the early January 2016 and only a smidgeon below the 2008 high of the century. 6/6
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