AAAU - Market Report: Sell-Off Over?

• The dramatic sell-off of the last few weeks ended on Monday morning when gold spiked down to an intraday low of $1,765 (silver $21.90).
• The most recent Commitment of Traders report at the time of writing, shows that the Swaps (bullion bank trading desks) recovered a net 7,895 of their shorts, still leaving them net short of 189,178 contracts.
• Given the appetite for gold is increasing for the Bank's earmarked customers and the growth in physical demand from ETFs, and not to mention the desire from unrecorded non-LMBA members for physical bars, it does not appear that the Comex short position is adequately offset in London.

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