14. September 2018

Extreme gold positioning

For the first time since 2001, speculators became net short in gold. Previous phases of extreme positioning led to an average price gain for gold of 10.6% over the next three months and 16.2% over the next 12 months.

Source: Coward, B.: „Offsides Positioning in Gold, Bonds and the US Dollar Will Make for an Interesting Fall“, Knowledge Leaders Capital,
21 August 2018, accessed 28 August 2018,, Link to the article

Comment: Long term historical seasonal patterns of gold also support a (short-term) price increase.

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