``At the present time the price of gold does not seem to be intimidated by the large COT “net short’ number, as in the past. Could it be that the hedge fund operators and large investors sense a possibility that the commercials are `on the ropes’? Some of these commercial traders have carried a large short position for many months. All of these short positions are now `under water’. Every time gold rises, the holders of short positions have to raise margin money or buy back a losing position. ''

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