, 7 tweets, 4 min read Read on Twitter
#Gold is trading around $1300/oz at noon in the UK on Monday, holding onto most of Friday afternoon’s gains.
#Gold: As a reminder, we believe these gains come after a Wall Street Journal article suggested an early end to Fed balance sheet shrinkage (paywalled).
Gold: Comex #gold open interest increased by 1.5 million ounces on Friday, suggesting more new longs than covering shorts.

Some modest inflows were reported by the ETFs too, but less than 100koz.
Gold: While the US government will be back at work today, understandably the CFTC is yet to release the delayed COTR data for #gold futures (and indeed everything else the COT report covers).
Gold: Here are our up-to date estimates of net Managed money positions on Comex #gold, although I caution that due to the protracted gap in official data, this has moved from ‘estimate’ through ‘guess’ to ‘finger in the air’.
Because the rally in #gold reversed for a week after 17 Jan, its hard to estimate changes positioning from the moves in open interest thereafter.

What is clear is that the market is longer than it was on 18 Dec although we’re unsure exactly how much longer.

Best of luck!

Good afternoon, please unroll.
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