Managed Money couldn't be much more bearish on both gold and silver. Despite a relatively quiet week for the precious metal complex, with a small rally back above USD $1260oz for gold, managed money is about as bearish as it gets. When we look at both gold and silver, short positions are either at (silver) or near (gold) record highs, essentially where they were when metals bottomed in both June and December 2013. And whilst the market is still focused on the Fed and the steady unwind of QE, latest stats show US physical gold demand was only 33 tonnes in Q1 2014, about 4% of total Q1 demand. Still a good chance this is just a temporary reprieve for the bulls, with another test of USD $1200oz likely Full report - including charts on both gold and silver managed money short positions is available here. (VIEW LINK)