Large Speculators haven't owned this much Gold since 2020. We have the data.
In precious metal bull markets, it's perfectly normal for Commercial Hedgers to offset their physical positions by shorting the underlying futures contracts.
We also tend to see the Speculators build massive net-long positions.
Check out the extreme Commercial Hedger net-short position in Gold and Silver futures:
This is as extreme as it gets. So, with the positioning so stretched, who is left to buy?
Let's talk about it:
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