Comments also in the chart. Click to enlarge.

Link to the pdf document with numbered OMO operations.

Black table in chart with data relevant to the percentage difference between short and long commercial contracts. Red table with CBGA gold releases.

Remarks: ECB operations seems to fuel upward trend in gold, helping to expand short commercials contracts. But no strong evidence to prove it. The only faint one is very skimpy CBGA releases, working to gently shallow quench the tendence.

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ECB OMO & GOLD – January 2008

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