Extreme levels of short interest in gold remains an issue to monitor.
“COMEX futures continue to show extreme short positioning. Money managers’ net shorts are near all-time recorded highs since data became available in 2006, and non-commercial non-reporting net longs remain near negative levels last seen in 2001. But such short positioning has historically preceded rallies in the price of gold,” according to the WGC.
Tom Lydon’s clients own shares of GLD.