Net Speculative Length For Gold (comex Futures Contracts): Source: Cftc

Net speculative length on gold was a new record for this decade, increasing by about 2,000 contracts from the previous week. Interestingly, though, all of the new length came from “small speculators” who increased their net longs by ~5,500 contracts, which means large speculators were decreasing their net longs by ~3,500 contracts. 350000

Net Speculative Length for GOLD (Comex Futures Contracts)

300000 250000 200000 150000 100000 50000 0 -50000

9/2/09

5/2/09

1/2/09

9/2/08

5/2/08

1/2/08

9/2/07

5/2/07

1/2/07

9/2/06

5/2/06

1/2/06

9/2/05

5/2/05

1/2/05

9/2/04

5/2/04

1/2/04

9/2/03

5/2/03

1/2/03

9/2/02

5/2/02

1/2/02

9/2/01

5/2/01

1/2/01

-100000

Source: CFTC Andy’s Technical Commentary__________________________________________________________________________________________________

16 14

Ratio of Speculative Longs vs.Shorts (CME) ~ 1 Dec 09

13.4

12 10 8 5.55

6

4.67

4.27

4.15 3.33

4

2.72

2.33

2

1.57

0.83

0 Mexican Peso

Gold

Aussie Dollar

Swiss Franc

Silver

Canadian Japanese New Dollar Yen Zealand Dollar

Euro

British Pound

Source: CFTC Andy’s Technical Commentary__________________________________________________________________________________________________

12 Ratio of Speculative Longs vs.Shorts (CME) ~ 24 Nov 09 10

9.71

8 5.81

6

4.4 4

4.05

3.84

3.56 2.76

2.72

2

1.44

0.85

0 Mexican Peso

Gold

Silver

Aussie Dollar

New Zealand Dollar

Swiss Franc

Canadian Japanese Dollar Yen

Euro

British Pound

Source: CFTC Andy’s Technical Commentary__________________________________________________________________________________________________

DISCLAIMER WARNING DISCLAIMER WARNING DISCLAIMER This report should not be interpreted as investment advice of any kind. This report is technical commentary only. The author is NOT representing himself as a CTA or CFA or Investment/Trading Advisor of any kind. This merely reflects the author’s interpretation of technical analysis. The author may or may not trade in the markets discussed. The author may hold positions opposite of what may by inferred by this report. The information contained in this commentary is taken from sources the author believes to be reliable, but it is not guaranteed by the author as to the accuracy or completeness thereof and is sent to you for information purposes only. Commodity trading involves risk and is not for everyone. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading: Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.