this is from ed steer of casey research:

Yesterday was the second day in a row that gold pulled a little further away from the 50-day moving average. Is the bottom in? I wish I knew. Ted and I have had some rather lengthy discussions about this during the last couple of days. The big drops in gold and silver prices over the last two weeks have made no appreciable impact on the huge short positions carried by the '4 or less' bullion banks in the Commercial category of the COT...so obviously there was no massive liquidation of long positions by the tech funds/small traders either. We don't know if the bullion banks either can't do it...or aren't putting a lot of effort into the attempt. Maybe they've painted themselves into that proverbial corner and are really trapped this time. Ted postulates that maybe the players have changed in the Non-Commercial category...and these new players, instead of being 'black box' types that sell on moving averages, have been replaced by other participants with longer-term investment horizons. We shall see, as they say, in the fullness of time.

http://www.caseyresearch.com/display...