Gold Legacy COT Stunner

Flash on the Legacy COT Report.

If there is one chart from the Commodity Futures Trading Commission (CFTC) data that sticks out more than any of the 30 or so that we track, it is the one below which comes from the Legacy COT report.  Below is a note we shared with our subscribers a half hour ago and the chart that goes with it. 

Apl 26 Friday, late afternoon. COT We have not had time to study the COT data closely, but first glance is a stunner. Recall that the COT cuts off on Tuesday.

In the Legacy COT report as gold GAINED $45.72 or 3.3% to $1412.78 Tues/Tues combined commercial traders VERY STRONGLY REDUCED their collective net short positions by a huge 37,541 lots or 26.5%, sending the relative commercial net short position or LCNS.TO hurtling lower to just 25.2% of all COMEX contracts open (lowest since Nov of 2008 during the Panic). (Gold +3.3%, LCNS -26.5%!!) (Very bullish by itself, without considering the other data.) More in the charts this weekend. Have a good weekend.

Here is the chart which goes with that comment. 

2013-04-26 14:00:40

Source: http://www.gotgoldreport.com/2013/04/gold-legacy-cot-stunner-.html