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The Goons Back Off Gold (CoT)

|Includes: SPDR Gold Trust ETF (GLD), SLV

Da Boyz make a hard pullback on gold shorts this week as the large speculators backed off their frenzied bullishness.  Silver is improving too.  The more I see of this CoT improvement the more I question whether the deflationists will get one more kick at the can pre-election.  Technically, gold is in a small bear flag and one final lurch down would not be at all surprising.  But this picture should inspire confidence in rational people.

Hey, have a good weekend.

Disclosure: No positions mentioned