Gold Shorts About to Get Burned

The Gold COT report shows gold shorts piling on in addition to long liquidation. Meanwhile, the price of gold is rising.

Gold Daily Chart

This is an incredibly price-bullish setup. Buy Gold.

Mike "Mish" Shedlock

Comments (9)
No. 1-8
Irondoor
Irondoor

Long GLD when volatility subsides and the 10 yr yield declines.

KidHorn
KidHorn

I hope so, but I'm not betting on it.

mark0f0
mark0f0

Why is this happening? Surely those shorting gold must know what they're doing. Or at least they think they do. Or have people with no recollection of the 1970s (nor the 1930s) taken over the "controls" of the hedge funds, and somehow believe that rising interest rates are bad for gold? Algos and momentum chasing gone awry?

Germ
Germ

GOLD is spelled with an "O". GLD is not GOLD!

Try GoldMoney :-)

shamrock
shamrock

Let's take a stock which is heavily shorted, say TSLA, is that extremely price bullish? Of course not, neither is a heavily shorted GOLD position.