Gene Arensberg: Gold futures trading data resembles setup for rally
9:21p ET Friday, May 31, 2013
Dear Friend of GATA and Gold:
Gene Arensberg of the Got Gold Report examines the latest commitment of traders data for U.S. gold futures and finds that the largest commercial traders are less short gold than they have been since 2005. Meanwhile hedge fund types -- "other reportables" in the jargon of the U.S. Commodity Futures Trading Commission -- have gone extremely short.
Arensberg writes: "We are reminded of the similar 'other reportable' exodus which occurred in early 2011. ... Curiously, the previous 'other reportable' net long exodus occurred just prior to the largest and most important rally for gold since 1980."
Arensberg's commentary is posted at the Got Gold Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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