I would have sworn that with the carnage in the gold market the last few weeks, speculative

interest would have come off.

Remarkably, net length remains elevated. The speculators are simply “taking their lumps.” This is very interesting.

350000

Net Speculative Length

300000
(Comex Futures Contracts)
250000

200000

150000

100000

50000

-50000

-100000
1/2/01

5/2/01

1/2/03

1/2/05

5/2/05

5/2/07

5/2/09
9/2/01

1/2/02

5/2/02

9/2/02

5/2/03

9/2/03

1/2/04

5/2/04

9/2/04

9/2/05

1/2/06

5/2/06

9/2/06

1/2/07

9/2/07

1/2/08

5/2/08

9/2/08

1/2/09
Source: CFTC
Andy’s Technical Commentary__________________________________________________________________________________________________
16
Ratio of Speculative Longs vs.Shorts (CME) ~ 12/15/09
14 13.47

12

10

8
6.08
6
4.66
4 3.2
2.82 2.65
2 1.21 1.18 1.01
0.5
0
Mexican Gold Silver Aussie Canadian New Japanese Swiss Euro Britis
Peso Dollar Dollar Zealand Yen Franc Poun
Dollar
Source: CFTC
Andy’s Technical Commentary__________________________________________________________________________________________________
16
Ratio of Speculative Longs vs.Shorts (CME) ~ 1 Dec 09
14 13.4

12

10

6 5.55
4.67
4.27 4.15
4 3.33
2.72
2.33
2 1.57
0.83

0
Mexican Gold Aussie Swiss Silver Canadian Japanese New Euro British
Peso Dollar Franc Dollar Yen Zealand Pound
Dollar

Source: CFTC
Andy’s Technical Commentary__________________________________________________________________________________________________
 DISCLAIMER WARNING DISCLAIMER WARNING DISCLAIMER

This report should not be interpreted as investment advice of any kind. This report is technical
commentary only. The author is NOT representing himself as a CTA or CFA or Investment/Trading
Advisor of any kind. This merely reflects the author’s interpretation of technical analysis. The
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