By Ben Turney | Monday 23 December 2013
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
According to the latest Commitment of Traders (COT) report, for the third week in a row gold mining companies hold net long positions in gold futures contracts. The significance of this positioning cannot be understated. It is further evidence that gold is undergoing a sizable fundamental shift. Rather than adopting a defensive hedging stance to preserve profits, it now looks like margins have been squeezed within the gold mining industry to such an extent that companies have stopped selling in anticipation of lower prices.
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