GC market is owned and controlled by London Bullion Banks(Barcley's, J.P.Morgan etc..).
GC is money and such gauge for fear. Currency in other hand has a direct impact on monetary and fiscal policies especially if you are FED and US Government.
Alasdair Macleod, Jim Rogers, Lyn Alden and others had elaborated it perfectly. You might look at their works.
Any how, I do not look at net positions but positions (trough method) in one year range.
GC is not KC and have different cycles. Now I am buying physical GC and I must wait, because my precious metals dealer said to me that there is big demand from dealers side. They are expecting spike in demand. So we have on physical side demand but on paper side
prices are sideways.
Imagine that you go to store and there is no coffee to buy, what will happened to KC price?
I will be always shorting GC when I see price in 1900 -2000 range and Other Reportables on extreme as on graphic below;
Silver on other hand is used in industry now and as hedge for currency in value downfall. Joe Biden new green deal might use it a lot.
So on long run I am bullish SI but GC not so..
2000 is level FED and Bullion banks do not want be crossed.
This is my opinion and I might be easily wrong.
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