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Gold COT (CFTC - Commitment of Traders) for Period 5/9 - 5/15/2012

Commercials bought a huge 9,579 longs but only covered -2,959 shorts to end the week with 56.88% of all open interest and now stand as a group at -13,891,500 ounces net short, another huge decrease of over 1,000,000 ounces net short from the previous week.

Large speculators coughed up -2,079 longs and picked up an out of this world 7,082 shorts for a net long position of 11,414,200 ounces, a decrease of almost 1,000,000 ounces from the prior week. They think they are going to make some money but they will destroy themselves financially.

Small speculators also keep jumping into this trap. They lost -2,096 longs and purchased a huge 1,281 shorts for a net long position of 2,477,500 ounces, a decrease of almost 500,000 ounces net long from the prior week.

The commercials are working their way out of their massive short positions they have accumulated, over the years since 2010, and those positions have not been there for window dressing. Somebody please tell these small players they are sinking their own ship.

The CFTC knows exactly what these producer/merchants are doing to these speculators, right now, killing them, and these commissioners have placed their full blessing upon this rampant destruction of speculator long positions.

For your convenience, if you would like to contact the CFTC and express your views to them, I have provided you their phone numbers and I hope earnestly that you fill up their phone libnes: http://www.cftc.gov/Contact/index.htm and email addresses as well:
ggensler@cftc.gov Chairman Gensler
bchilton@cftc.gov Commissioner Chilton
jsommers@cftc.gov Commissioner Sommers
Somalia@cftc.gov Commissioner O'Malia
mwetjen@cftc.gov Commissioner Wetjen
dmeister@cftc.gov Director Meister

How long must the there exist no free market for speculators in the COMEX metals? How much ill-gotten gain from speculators, at the hands of these producer/merchants, is enough for these commissioners to act and do their jobs to ensure a free market can counter their massive open interest monopolies?

Gold COT

See you next week!

 

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