Germa, auch Nationalist Traders Log hat diese Vermutung:
Below is a chart of the weekly nearby Comex gold future in the bottom panel, with the ratio of longs divided by shorts of the gold commercial hedgers in the top panel. Below one is net short while above one is net long.
For several months now, I have claimed in this space that something fundamental changed on this data series a few months ago and we are recalibrating. It occurs to me that given the indentity of the commercials in the gold market, that they are in the grip of a mania produced by a 20 year bear market in the metals, and that the bullish speculators may well be right until the point of recognition arrives years hence. We are in the process of recalibrating this instrument.