“According to the CFTC’s weekly Commitment of Traders data up to August 7 released on Friday speculators pushed the net short position (bets that gold will be cheaper in future) to a record of 63,282 lots or 197 tonnes. Bearish positioning now exceeds levels last seen at the end of 2015 when gold briefly dipped below $1,050,” according to Mining.com.

Investors have pulled $1.35 billion from GLD since the start of the third quarter.

For more information on the gold market, visit our gold category.

Tom Lydon’s clients own shares of GLD.