Obviously every hedge fund in the world was buying gold $GC_F day in day out until last autumn and then they stopped. Gold isn't overbought anymore but clearly there's no enthusiasm. It's relationship to the economic shocks of the last 6 months (err 6 years) has been tenuous i.e. uninteresting. Gold was simply the default go to trade for knee-jerk funds who didn't have anyplace better to put their bets. Now they've opened their eyes to lots of other opportunities. Long and short. See them here at futures.transmatch.com. Gold is a source of funds.