In a single week, not only has gold speculation according to COT data has returned to bull market values, but it also made a new all time high, higher than the bull market top in 2011.

Despite the new record on speculation, gold remains below the 2015 high at 1306.

Summary
This week’s COT data on gold is a shock. It made a new all time high on speculation and yet gold remains $600 below the 2011 price peak. Common sense suggests that gold is now at a major top with overall lower prices in coming months and perhaps years as the bear market rally completes.