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CHART OF THE DAY: ON DECK – A GOLD COLLAPSE?

22 September 2009 by Cullen Roche 2 Comments

Excellent data here from the FT and RBC:

Indeed, as the chart’s providers, RBC Capital Markets, noted on Tuesday — net speculative long positions on Comex reached a new all-time high of 28.5 MMoz last week, while aggregate gold ounces under management of the six largest gold ETFs increased only slightly week over week to 49.1 MMoz.

15796

All of which foretells, according to RBC:

“The weak physical demand for gold combined with the rapid rise in the speculative activity could give rise to a sharp correction, especially if the US dollar rallies.”

See the fully story here.

Source: FT, RBC

Cullen Roche

Cullen Roche

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Comments
  • bosunj

    Yeah right! In your bankster dreams! The Chinese are eyeing all of the 400 + tons of IMF gold. A $13b transaction. Banksters are going to have two choices soon. Jump off a roof or the guillotine. Your choice!

    09/22/2009 at 11:57 PM
  • jt26

    The demand for gold is as an alternative asset. At 0 real interest rates, and a 20-100% increase in global monetary base, it’s not a bad alternative/hedge. Gold will turn when fear, global growth and monetary policy changes. Look for tightening esp. in Euro zone.

    09/23/2009 at 7:33 AM