This in today's news;

The current level of skepticism is nicely illustrated by the recent short-interest surge in SPDR Gold Shares (GLD, news, msgs), the gold exchange-traded fund. The number of bets that gold will go down has now doubled, standing at about 30 million shares (the equivalent of about 3 million ounces).

Meanwhile, when the gold market recently fell out of bed, ETF holders at the margin liquidated no ounces and in the past couple of days invested enough new cash in the fund to equal a whopping 50 tons of gold. (This trend toward gold is occurring in other places around the planet as well.) Thus, as a wise commodity-trading friend said many years ago, you can be with the trend and still be contrary.