Massive Comex Gold Short Position: A Lesson from History?

imagesGold has lost its shine in early 2013 as speculators build up massive short positions on the futures market.

Indeed, gold short positions on the New York Comex are at levels not seen before this century. The last time speculators were betting against gold this heavily was back when the New York Times was hailing the genius of Alan Greenspan at the Federal Reserve, while Gordon Brown was preparing to sell half of Britain’s gold reserve at what proved to be the bottom of the market.

Speculative investors have certainly turned on gold. But this is not the first time gold has been written off. In this excellent video, Adrian Ash looks back to the 1970s, and a period when the gold price was cut in half, just as US citizens were allowed to own gold again for the first time in four decades.   In fact, gold performed so badly that Time magazine compared gold bullion to a rusty tin can…before bouncing back spectacularly

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