“Given that the peaks in the gross short position tend not to last, it does look as if the market is setting itself up for a period of short-covering again, although the short position may still have further to climb before it peaks,” the analysts [at ScotiaMocatta] said. “The low level of the gross long position would also mean there is plenty of room for fresh buying too.”
USAGOLD note: Opinion from one of the banks that sets the London Daily Gold Fix . . . .