The fact that they are demurring this year is telling, says Jack Scoville, a broker at Price Futures Group.
She attends a positive futures group in Coventry and has received lots of advice about drinking and its implications.
"They're definitely taking action to insulate themselves if prices go down, " said Jack Scoville, vice president of Price Futures Group, a brokerage firm.
The industrial commodity slid over the last couple of months on macroeconomic worries, said Phil Flynn, senior market analyst with The Price Futures Group.
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"I think what's happened is that gold, in the way it's traded, has transitioned, " said Edward Lashinski, director of strategy and trading for the futures group at RBC Capital Markets.
Jack Scoville, vice president, Price Futures Group, said the grain markets will remain very volatile for the next few months as weather extremes could sharply skew the yields for corn and soybeans.
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"It's a sea of red, " said Ira Epstein, a director at Linn Group futures brokerage.
"Everybody that's bought for the past two years, since April 2011, is losing money, " said Ira Epstein, director of the Ira Epstein division at the Linn Group futures brokerage.
Gold had seen strong selling pressure on Tuesday and Wednesday, and then Wednesday afternoon the CME Group raised futures margins on gold by 27%, to prompt still more long liquidation in gold.
Regulators, whose ranks include the industry trade group the National Futures Association, have still missed the big picture.
Gold traders were also worried Tuesday that the CME Group would raise futures trading margins on gold, following a similar move this week by the Hong Kong exchange.
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But Frederick Grede, the trustee overseeing the bankruptcy of Sentinel Management Group, a futures broker that went bust in 2007, told Bloomberg that if MF Global is sued, it could take years for customers to get their money back.
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Some have moved from there into trading options, or into trading futures on the likes of CME Group.
Technically, gold is quietly consolidating at the moment, said Sterling Smith, futures specialist with Citi Institutional Client Group.
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The Chicago Merc is part of CME Group, the biggest futures-exchange operator in the U.S., handling an average of 12.5 million contracts a day.
With money and trading positions frozen or potentially lost, some people are feeling disappointed or even betrayed by the system and CME Group, the dominant futures exchange.
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Sterling Smith, futures specialist with Citi Institutional Client Group, outlined a number of ways gold could react in both directions, depending on how the Cyprus story plays out.
Margin requirements in the spotlight this week again after the CME Group, owner of futures exchange NYMEX, announced a 25% hike in collateral requirements for crude oil futures, putting initial, and short-lived, pressure on WTI and Brent prices.
Because by the end of February, money managers trading Comex gold futures had already built up as a group their biggest short gold position since 1999.
His actual powers are to be put to the test on 3 May, when the futures of both Mr Piech and Volkswagen Group chief executive Bernd Pischetsrieder will be decided.
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Refco's holding company filed for bankruptcy protection late Monday night, and the firm announced the sale of its key futures-trading business to an investment group led by Christopher Flowers , a former Goldman Sachs investment banker who has made a new career of buying distressed financial companies and turning them around.
Paul Zubulake, a former futures trader and now a consultant at Aite Group, says there are hazards to all this tinkering.
The gold market saw strong early selling pressure Thursday in the wake of the CME Group late Wednesday announcing it will raise futures margins on gold by 27%.
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This rebranding comes to you courtesy of two dozen firms that are the members of the newly formed Principal Traders Group, a new arm of the Futures Industry Association.
Sterling Smith, futures specialist, commodity research, Citibank Institutional Client Group, took a similar view as Barclays, saying it appeared that buyers stepped in at the low, which explained the lack of significant change in the data.
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In the weekly commitments of traders data from the Commodity Futures Trading Commission, speculators continued to add to long positions not only in gold, but also in silver and the platinum group metals when looking at data for futures and options combined.
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It would also supplant CME Group Inc. as the world's largest futures exchange by contract volume and create a clear leader in the U.S. options market.
Liffe, a group responsible for a combined volume of 2.8 billion futures and futures options contracts last year.
The Futures Industry Association, a collection of futures brokers like banks and investment houses, complained that the new cme Group could have too much power.
The working group, which includes representatives of the SEC, the Commodity Futures Trading Commission and the Federal Reserve Bank of New York, came to the same conclusion as Federal Reserve Board Chairman Ben Bernanke, who said in February that more regulation isn't necessarily the answer.
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