We read this in the latest TD CTA report on Gold:
Don’t look now, but the top gold traders in China have just added nearly 17.5 tonnes of notional gold to their books over the last week. Tracking of the top traders in Shanghai points to a massive accumulation of gold, just as signs of buying exhaustion appear in the West. After all, our advanced positioning analytics are pointing to buying exhaustion from both CTA trend followers, with today’s session likely to mark the final (albeit marginal) buying program before prices break north of $2100/oz, and discretionary traders, given our gauge suggests they have now fully covered their book short.