With continued consolidation in the gold and silver markets, below is an extremely important update on the gold market that was just issued by SentimenTrader.
From Jason Goepfert at SentimenTrader: “The Optimism Index on gold has moved above 75 for the first time since 2011, a troubling level. That’s especially true since “smart money” commercial hedgers have moved to a near-record net short position against the metal. It suffered a key reversal day as sellers rejected a new 52-week high on June 16, but those one-day patterns have been inconsistent predictors of further weakness. Even so, we consider the market to be high-risk.
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