Gold prices are up modestly today, but continue to be near their lows of the year.
“Downward pressure on gold continues and we are now back to levels post the mid-April selloff,” said UBS‘s Edel Tully in a note titled Gold Shorts Dominate. “Investor sentiment remains negative as highlighted by the persistence of ETF selling and the extension of speculative shorts to an all-time high.”
Check out the chart to the right.
“The gross short position in gold now sits at a record 14.3moz, nearly double the levels at the beginning of the year,” added Tully. “Meanwhile, gold gross longs declined for a fifth consecutive week to 21.3moz, representing a 21% decline year-to-date.”
Here’s some historical context via FinViz: