“Clearly the U.S. banks, presumably including U.S. bullion banks, are not positioning as though they believe there is a great deal more downside left in gold futures.  If they did or do believe that gold could probe even lower than the $1,320s, they are not positioning for it in COMEX futures.  That does not necessarily mean they are ‘right,’ but it is a window into how the largest, best funded and presumably the best informed traders of gold futures on the planet – the U.S. banks – are positioning, both for their own book and for their clients.”

http://www.gotgoldreport.com/2013/05/us-banks-buy-gold-futures-in-dramatic-position-change.html

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