Commitment of Traders

A New Balance Of Power In The Gold Market

Once this process gets going it will quickly clear out the inventories of the Western exchanges, leaving nothing for future arbitrageurs. The exchanges will then force those wanting delivery to accept cash instead, in effect defaulting on their promises. Then it’s game over, with the big futures manipulators no longer a factor in pricing.

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As you know, gold has been on a tear in 2016 as investors and traders around the globe have profited form being long. You would think that some of the "smartest" and "best-connected" traders in the world - those on Bullion Bank trading desks - would have profited from this 20% move as well. However, if you think that, you're dead wrong.

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Comex Gold Open Interest

In defending their long held short positions, the Comex Banks have now issued enough new contracts to drive total open interest back to levels not seen since 2011. Will they be successful in capping price or are they about to get a religious experience? We're about to find out.

Still Looks Like A Trap

“If the weather forecast suggests it might rain, wouldn’t you carry an umbrella?

"Battling" A Technically-Overbought Gold Market

"Now that we are entering a negative rate world, I am seeing a lot of very large-sized institutional money looking for a home. Some of this money is flowing into gold, and this is confusing technical traders who are battling what looks like a technically overbought gold market..."

Someone Is Very Wrong On The US Dollar: Hedge Funds Most Bullish In One Year, 'Real Money' Most Bearish

As JPM explained 10 days ago, before one can form a definitive view on the future direction of the S&P500, aside from BTFD "just because", one first has to decide what the USD will do from here. And that's where we run into a problem, because according to the latest Commitment of Traders data, the outlook of the "smart" money managers has never diverged as much as it does right now.

Is A Stronger Euro And A Stronger Yen In Play?

While we still think its early to call the end of the dollar bull market that has been in place since July 2011, it's apparent that the world is currently not in as broad of a dollar bull market as we were in last year.

These Are The Biggest Hedge Fund Casualties From The ECB's "Shocking" Disappointment

Man Group, which runs $76.8 billion in assets, said on its website that its $4.4 billion AHL Diversified fund lost 5.1% on Thursday. Among other funds to have been running bets, to a greater or lesser extent, against the euro were Brevan Howard Asset Management, which oversees about $25 billion in assets; Tudor Investment Corp.; Moore Capital Management; and Caxton Associates, said investors. "Pretty much everyone was short the euro. The view was very clear for everyone."