Gold is up $75 in the past two days and it looks like it could run higher again.
Everyone, I mean everyone, has made money on the long side of gold some time in the past 10 years. As it gets some momentum, funds and the public will pile back in — especially those who sold at $1550.
CFTC figures put gold speculative longs at some of the lowest levels in two years so there is plenty of money on the sidelines.
Expect some immediate gains but a breather after touching $1750. China re-opens next week and the traditional thinking is that buying there slows after the holidays.
