Probably so, but how long can they remain stretched?

I just received this excellent examination of that particular question. https://goldtadise.com/wp-content/uploads/2018/08/ChartWorks-Gold-Specs-Net-Short-Sequ.-Combo-Buys-in-GLD-08-18-18.pdf

The problem I see for the precious metals: a rate-hiking Fed that places the US Dollar as the “best looking horse in the glue factory” together with the [apparently] unrelenting bull market in stocks.

Until that changes all rallies in gold are highly suspect.