I have borrowed the grapic below from Stewart Thompson.

In the Comex, the smart money is typically the commercial traders. They rarely lose money.

In so far as the gold market is concerned, they have been short gold contracts for as long as I can remember. I believe the last time they were long was in 2018.

Commercials are piling on long gold positions and selling shorts on the COMEX.  They know something and we should be watching this.

The non commercials are the large speculators and they generally end up on the losing side of the trade. Guess who is increasing their short positions… 🙂

I am seeing more signs to indicate we are bottomed.

Cheers R