certains fonds ( habituellement considéres comme large spéculateurs ) nouveaux arrivants , auraient habilement détourné - à leur profit - les régles d' appel de couverture de la CME et du Comex .. en se faisant considérer comme hedgeurs c'est à dire commerciaux !
d'où appel de couverture très favorables !!
The following heads-up from James Mc confirms what MIDAS has brought your way for some time … and that is a new kind of spec long has entered the gold arena:
Interesting to me that apparently some funds have been trading on hedge rather than speculative margins when trading against a basket index. This could potentially be bullish as they take on The Gold Cartel on their own margin field. I have thought for years the commercials have had an immediate advantage over spec funds by requiring less margin against each contract. Maybe this is contributing to the OI long growth in silver for example? Would Dan Norcini have any thoughts on this?
The following comments are from Brian Leonard at BVL Commodities:
"In the past few years we have seen a change in the makeup of the funds and their trading style. The funds in the past were momentum traders buying more as the market rose or selling more as the market broke. They would exit if moving averages crossed back over. In lumber recently we have seen this type of fund participating.
We now also have asset based funds that are set up to own commodities. That means as capitol flows in they will allocate it towards their commodity portfolio. If long they will continue to buy regardless of market direction.
We also have funds that trade an index and also outright futures (baskets). This is where the grey area of the CFTC report comes in. The CFTC now allows some funds to be interpreted as hedgers which adds to the percentage of hedgers reported but by definition is not what we believe as a commercial hedger. The funds believe that by using futures against the index it should be considered a hedge. I don't know how much of the lumber open interest is a fund categorizes as a hedger, but we will have to now weigh that."
If asset based funds are wanting to pour into gold and silver it's no wonder the SUA just about hemorrhaged over the new silver ETF. It could be a double whammy coming, new off take and lower long spec margins.
… Years of a new makeup of the funds trading gold?? Don’t think so. Make that many months.