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

Excellent data here from the FT and RBC:

Indeed, as the chart’s providers, RBC Capital Markets, noted on Tuesday β€” 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.

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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

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