Positions as of 14 September, 2021.
Speculators have already done huge gold-futures selling in anticipation of coming Fed tightening, exhausting much of their selling firepower. And the market conditions today are way more bullish for gold than ahead of that last taper tantrum in mid-2013.
Technical stock charts for $GDX, $KL, $NUGT, $NVO.to, $TRX & more.
At the heart of all this growth was a ballooning central bank balance sheet. From 2000, when China joined the WTO until 2013, China’s central bank balance sheet grew almost 900%.
Producers have pricing power, buyers are willing to buy what they can get their hands on. Gold's selling is overdone, BUT if gold hits new lows then ..