Seems that new money is going after the stock market while interest in gold continues to fall as evident in the COt reports . forecasts of lower gold prices coming true as we are near vert critical long term support levels IMHO. Below are the thoughts of Trader Dan.
Norcini also noted the hedge fund activity in both gold and silver: “Hedge funds are the market drivers of today, there’s no question about that. Their (hedge funds) net long position in gold is the smallest net long position they have had since December of 2008. We are talking over 4 years now.
That is how much we’ve lost speculative interest in the gold market. I might add you are also seeing fresh shorting from that category as well ... It’s interesting because silver is holding out better than gold. In an environment in which growth is the theme, silver is going to hold up much better than gold.
I wonder if because of silver prices or the Orko issue if we get to purchase FM again near the lows of last summer .