| Much has been made of a 'record short position' in precious metals held by the speculator trader category, but it may not be as bullish for price as many expect. I continue to believe that we have made a major high at $1232 in May, and can expect to see new lows in gold over the next few months. In the near term we should expect a brief short covering rally before the decline resumes.
Well I'm not quite sure whether to call last week's forecast a win or a loss. We got a spike higher on the back of the Greek referendum as predicted, but the pop was muted (about 0.5%) and extremely short lived given that it sold off immediately and proceeded to make new local lows...............................................Full Article: Source
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