Simply put, it looks like the gold is not only cheaper than it was in early July but it is also out of investors' favor. We are at or close to the typical contrarian buying opportunity.
Monday, December 26, 2016
Gold Trade Is Dead Now
The gold trade is nearly dead. The last COT report discloses that the open interest in gold futures stands at 399 thousand contracts (the circle marked in green). This level is very close to the levels reported during the last bear market in gold:
Simply put, it looks like the gold is not only cheaper than it was in early July but it is also out of investors' favor. We are at or close to the typical contrarian buying opportunity.
Simply put, it looks like the gold is not only cheaper than it was in early July but it is also out of investors' favor. We are at or close to the typical contrarian buying opportunity.
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