Decoding the Gold COTs: Myth vs Reality

Over the many years that I have been writing about the commodity futures markets, I have tried to make a point of homing in on the fact that it is the presence of high-powered speculative money flows that drive market action.
Whenever commentators speak of fundamental factors that should go into determining the price of any commodity, they tend to generally speak in terms of demand for the physical product versus the amount of supply for that same product. More often than not, omitted from the discussion is the role that speculators play.