Everyone Is Still Massively Long Gold

Gold's sudden drop still hasn't scared off commodity speculators. They remain at record levels and the market is massively net-long, according Citi's Alan Heap in his latest December 18th 'Commodity Heap'.

Citi's Alan Heap: Speculators Stay Long — Despite the recent USD strength, speculators have not liquidated positions in metals. Total LME open interest positions were largely stable since early December (Figures 8-11). COMEX non-commercial positions in gold and copper continue to increase (Figures 6-7).

The yellow line below represents the net long position, which remains at record levels.

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See Also:

• CIBC: There Is No Gold Bubble, Diversification And A Mining Shortage Will Push It To $1400
• Goldman: Oil Going To $90, Gold To $1350
• How To Hate The Dollar And Short The Gold Hype At The Same Time