This is yet another example of why we have tended to qualify the extremes in sentiment and COT reports in gold and silver as less actionable; i.e. - they're still buying.
This stoicism in the face of reality is nothing new, and a dynamic we have highlighted and exploited from a purely contrarian perspective since last November (see Here) and this past January (see Here).
|"Asian Bargain Hunters Pile Into Gold" - FT|
|Click to enlarge image|