Gold shorts have surged to a stupendous record!

Posted by Adam Hamilton, Zeal Intelligence

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“This epic gold short is wildly unprecedented.”

 “The sheer size of this bearish bet is breathtaking.  Each COMEX gold contract controls 100 troy ounces of the yellow metal.  So American futures speculators have borrowed and sold 17.9m ounces, or 556.4 metric tons!  That even dwarfs the also-outlying record selloff in the holdings of the flagship GLD gold ETF over the past 7 months, which now weighs in at 417.3t.”

“This first chart looks at the total long and short contracts held by large and small gold-futures speculators as defined by the Commodity Futures Trading Commission in its famous weekly Commitments of Traders reports.  Total spec longs and shorts are rendered in green and red respectively, with the gold price superimposed on top in blue.  Speculator gold shorts have just surged to a stupendous outlying record!”



Ed Note:  Adam explains how short selling works for those who don’t know at the top of the article.

Read the entire article HERE.