While the gold trade this morning is showing positive action, optimism is seemingly based on the slim idea that gold "held up" well against last week's hawkish Fed guidance.

However, hedge fund managers reduced their net long last week and gold ETF holdings last week reduced their gold holdings by a very significant 257,994 ounces.

Year-to-date gold ETF holdings are down 4.2%! Similarly, silver ETF holdings last week declined by 6.3 million ounces with holdings year-to-date down 3.6%...[MORE]

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