Make or break time for gold

Clive Maund a prognosticator of dubious accuracy, recently penned an article “get 30,000 coffins ready” for the dead bodies about to litter the field of the gold market. He based his assessment on the COT levels which were indeed heavily short by the  Commercial traders, usually in the right. Indeed, the market looked as if it would drift into a death  swoon until Auntie Janet came t the rescue. Gold popped $40 and all looks better. Mr. Maund may yet be right, the action is not super bullish, but after such volatility you need guts to short this market. Another pundit, Gary Savage, posited that we are in the baby bull phase, where standard metrics are less applicable.  I tend to agree with Mr. Savage, the proof is in the pudding. Gold hit 1,270, not 1,170. with hedge funds dipping their toes into the waters of the commodities markets the outlook is improved. Typically, they buy momentum not value (except the more successful ones). Why buy at 1,050 when you can go all in at 1,250? Thank you Mr. Hedge fund, I hope to see you at $1,650 as well.