THIS IS NOT HOW BULL MARKETS END - ESPECIALLY MANIPULATED ONES

Hi Bill,
A further indication of how gold’s fundamentals remain very sound at over $1400/oz and may be getting ready for a push to $1500 sooner than even the bulls expect is the recently released CFTC data. The charts below which show how speculators have again cut exposure in their long future positions.

For the second week in a row, speculators cut exposure to bullish gold futures and options positions on the Comex division of the New York Mercantile Exchange. For the week ended Dec. 21, speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report saw their net-long positions drop in both the legacy and disaggregated reports. Net long positions also fell in October and November and look set to fall again in December.

Far from "piling into gold", many traders have taken profits or exited positions and the clearly data shows that.

It is important to note that levels are back at those seen in early 2008 and well below the 300,000 plus seen in December 2009 and at the end of September this year.

THIS IS NOT HOW BULL MARKETS END – ESPECIALLY MARKETS THAT HAVE BEEN MANIPULATED AND SURPRESSED FOR MANY YEARS.

Hope you had a relaxing well earned Christmas break Bill and wishing you, Chris, Adrian and the GATA and Le Metropole Café community a Peaceful, Prosperous and Healthy 2011.

Mark O'Byrne
Director
GoldCore.com