Via David Brady – https://twitter.com/GlobalProTrader (a must follow)

Gold

 

Gold

Gold: Bank positioning ( “Smart money” is even more bullish now than at the 2015-2016 bottom including most bullish since 2006!)

 

Gold

Gold: Fund positioning (Funds aka “dumb money” most bearish since early 2016!)

 

Silver

 

Silver

Silver: Bank positioning ( “Smart money” even more bullish in silver than the 2015-2016 major bottom!)

 

Silver

Silver: Fund positioning (“Dumb money” most bearish since 2015 and even more bearish than the 2015-2016 bottom!)

 

I can’t overstate how extremely encouraging I find these charts to be. Smart money is the most bullish on gold since 2006. This at a time when the miners are nearing the end of a huge wedge pattern. All I can say is that the smart money is nowhere near positioned for a huge draw down in the metals, but exactly the opposite. Last time we saw positioning like this (2015-2016 bottom), gold had it’s best quarter perhaps ever, along with some miners rallying upwards of 600%.

 

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