• Thanks to an enduring and large rise many now invested in gold

• Data due soon will reveal current state of speculative portioning

• At last count traders slightly reduced longs to 284k contracts

• Since 2020 the biggest wager on gold rising is 354k contracts

• The larger the long, the less safe gold becomes

• There is a chance that gold becomes and overcrowded investment

• Volatility will soar if gold and dollar swap roles

• Central bank policies may have very negative consequences

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gold and betting

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)