Another writer who doesn't understand that in the COTs the Commercials are net short as a consequence that the Speculators are net long.
There are too many writers who blame the Commercials without the understanding of how these markets work - they should watch the Speculators - not the Commercials!
Never before have so many Speculators held so many long positions - which they buy from the Commercials (hence the Commercials are short - when they hedge their exposure)
Note: this is a very bullish aspect considering this is the first leg up in the new gold bull market.
Speculators buy on rising prices & sell on falling prices (ergo the Commercials are always trapped into doing the opposite)
This is why you see the butterfly effect as shown in the middle window of the chart below.
When speculators take on more longs then the Commercials must sell them their positions & hedge with their shorts.
There is a COT formula here that is always followed (NonCommercials + NonReportables) = Commercials.

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