US Bank Gold Positions Explode By Highest Rate On Record; Short Positions Collapse

To clarify investor class labels, "speculators" as defined in the Bank Participation Report, are considered the "dumb money", while the "market makers" are the bullion banks--the so-called "smart money" who are the most-funded and best-informed players in the CME futures pits.

And while large hedge funds and institutions are normally considered "smart money", that's only relative to the retail investor class who are considered the biggest suckers.  In this context, the speculators are "dumb money" while the retail investors are "dumber money."  Don't be insulted, the game has been rigged and set up to be this way.  Don't shoot the messenger.

http://bullmarketthinking.com/us-bank-long-positions-in-gold-explode-at-highest-rate-on-record-short-positions-collapse/