Net speculative longs in gold are back to levels last seen at the end of May. Net speculative longs in silver are back to levels last seen in early June. A more definitive downtrend appears to be developing as measured from the July highs. The charts above demonstrate the importance of tracking these speculative positions because both gold and silver peaked right around the time of the peak in net longs. If the retreat in positions continues from here, I fully expect GLD and SLV to give up 200DMA support.