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Other than the bottom in gold back in late 2008, the managed-money funds rarely make big bets against gold — until now. During the last three weeks, it appears that these funds played a major role in the rote 8 a.m. “selling” in gold futures. The impression was that there was selling. In fact, these managed-money funds have ramped up a record naked short bet against POG. It should be noted that when managed money funds made smaller bets in 2008, 2009, July 2010 and July 2011, gold had some substantial subsequent runs. The hedge funds had already greatly reduced holdings in the GLD ETF (see chart) at the end of 2012. They are now further reduced to a bare minimum, completely abandoning this trade.