We will only know for certain once prices are much higher. Such is the reality of markets. Therefore we need to rely on the weight of the evidence.
When Gold lost $1675, gold bears had visions of 2013. However, Gold stabilized in the low $1600s and surged to nearly $1800. However, open interest experienced its second-largest decline in the last 20 years, reaching a three-and-a-half-year low. So who is to say the net speculative position has to fall below 10% and that 13% is not low enough?
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