We expect that funds held 17-18 million ounces of gross long positions as of Tuesday. If the net long position is more than this then we will become even more bearish only a release that shows that the net long positions declined from the 15 million ounces reported last week would make us positive about the short-term outlook for gold.
More Quotes from John Reade:
I do believe that the recent run up in gold has been almost entirely driven by speculative and investment demand as jewelry demand has fallen sharply.John Reade
After the rapid rally in gold over the past few months a correction is almost inevitable at some point and this could be it.
John Reade
We believe the strength of the physical market is vitally important for 2006 even though gold is rising on speculative and investment buying, at some point there will be a reversal of this trend and gold will correct.
John Reade
Both platinum and rhodium remain at or near the highs for this rally and are benefiting from broader metals interest and, in the case of rhodium, apparent genuine shortages.
John Reade
Gold looks set to be supported and set to move higher as we approach the anniversary of the 911 attack on the U. S. and the expectations of an attack on Iraq intensify.
John Reade
We suspect that technical buying of gold and silver on COMEX (New York) will be triggered by a positive announcement of the silver ETF.
John Reade
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