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

300000
Net Speculative Length for GOLD
(Comex Futures Contracts)
250000

200000

150000

100000

50000

-50000

-100000
1/2/01

9/2/01

1/2/02

9/2/02

5/2/03

9/2/03

5/2/04

9/2/04

5/2/05

1/2/06

5/2/06

1/2/07

5/2/07

1/2/08

9/2/08

9/2/09
5/2/01

5/2/02

1/2/03

1/2/04

1/2/05

9/2/05

9/2/06

9/2/07

5/2/08

1/2/09

5/2/09
Source: CFTC
Andy’s Technical Commentary__________________________________________________________________________________________________
16
Ratio of Speculative Longs vs.Shorts (CME) ~ 1 Dec 09
14 13.4

12

10

6 5.55
4.67
4.27 4.15
4 3.33
2.72
2.33
2 1.57
0.83

0
Mexican Gold Aussie Swiss Silver Canadian Japanese New Euro British
Peso Dollar Franc Dollar Yen Zealand Pound
Dollar

Source: CFTC
Andy’s Technical Commentary__________________________________________________________________________________________________
12
Ratio of Speculative Longs vs.Shorts (CME) ~ 24 Nov 09

10 9.71

5.81
6

4.4
4.05 3.84
4 3.56
2.76 2.72

2 1.44
0.85

0
Mexican Gold Silver Aussie New Swiss Canadian Japanese Euro British
Peso Dollar Zealand Franc Dollar Yen Pound
Dollar

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.