It looks to me as if we had a bottom in resource stocks on Friday with massive capitulation. Gold and silver act as if they are blindfolded and searching in the darkness for a well-deserved turn higher. In a near perfect example of Monkey See-Monkey Do, those who don’t understand how commodity markets actually work were blathering on recently about how the commercials in the gold market were panicking out of their short positions. But since when do the commercials ever drive the metals markets?

Here is an image of the latest Gold Cots as of Tuesday the 2nd. I am going to show you who actually moves the markets using both logic and facts, not opinions. These figures come from…

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