"The gold open interest just came out ˇK more confirmation of what I wrote early this morning. It FELL 1905 contracts to 340,860 on a $5 move up in the gold price. Gold has now risen $75 per ounce with its open interest falling more than 30,000 contracts off of its old high this year. That is ASTOUNDING! More evidence the trapped shorts are doing everything they can to cover their positions."
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Dan Norcini, excerpt:
"Pity the small specs who blindly followed some nitwit top picker in gold and decided to hurl their bodies in front of a steaming locomotive by stepping in to short gold. Talk about a religious experience!
At some point, we will see a price correction of some sort but as to when and from what level it will take place is anyoneˇ¦s guess. There are many pontificators who kept calling for a top in this market all the way back at $480 and who have been desperately trying to get back in."
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