Gene Arensberg's new "Got Gold Report" examines the latest futures market data on the precious metals and concludes with some ambivalance:

"Having just missed our chance to reenter silver this past Monday, we remain on the lookout for a re-entry signal on both gold and silver, but until we analyze all the charts, ratios, and data this weekend, we won't know if Sunday night or Monday morning will find us on the bid or not. We repeat that our instinct is that something unusual is under way and it could be 'good' unusual or 'bad' unusual, but until which becomes more clear to us the sideline is not such a bad port to anchor off and gauge the weather.

"We have the strange situation where some of the Big Sellers are not -- that's NOT -- acting in a way that shows they are confident in lower gold and silver prices even though gold is not very far from a new all time high. However, the gold open interest is too high to be aggressive on the long side ourselves unless we become convinced that extraordinary demand is coming in -- not just soon, but coming in immediately."

You can find the "Got Gold Report" here:

http://treo.typepad.com/got_gold_report/2010/06/20100612COTflash.pdf