this could be a very important development. gene arensberg says some of the commercial shorts are covering:

Swap dealers cover some shorts in gold. Bullion banks seen as “sellers of last resort.”

Some of the most important data we gather and analyze each week is buried deep inside tedious lists of numbers. These data, complied by seldom-thanked dedicated public servants and distributed via the Web to anyone with a computer, can be an astonishing wealth of information for traders and analysts - if they know what to look for. Taking that data, following it and producing meaningful graphs is part of what we do here at Got Gold Report.

Once in a while something extraordinary jumps out at us and this is one of those times. The following may be tedious to follow for some, but we hope we have made the fascinating and potentially exciting divergence we just discovered come to life for you in the graphs as it has for us in the data. Hopefully the tedious just became interesting for our valued readers.

now skip ahead to where it becomes more understandable:

In Texas English: The big, exemption-wielding bullion banks were still selling lots of paper gold futures this past COT reporting week, but the “other commercials” were doing the opposite on a net basis. In short, they are NOT in agreement this time. At least not yet.

http://treo.typepad.com/got_gold_report/2010/05/comex-large-commercials-break-ranks.html#tp