do that, can you just, for the noobs here, can you just tell them very quickly what the commitment of Traders Report actually is?

absolutely so uh so anybody that trades futures uh is required to re uh reveal to the regulators uh what their positions are and who they are and based on who they are they're classified into multiple categories such as uh commercial hedgers so if i'm exxon mobil and I'm going into the futures market to secure the price for me to have my production sold in the Cushing market or whatever, then I'm a commercial hedger.

If I'm a large speculator, such as a CTA, a trend following fund, or a hedge fund, or a huge institution or ETF like the USO for crude oil, I would be considered a large speculator.

In other words, a large fund that is positioning for the speculation of trying to make money on oil.

And then if you're too small for that, they consider you a small speculator.

And so this is the legacy reports.

They're in more detailed ways to get more granular information.

Right.

Yeah.

So obviously, I think the one way to best describe that period was analysis paralysis, especially driven by headline news, which is like if you're hinging on every single headline as to the Trump tweet, you know, things are progressing.

Peace deal tomorrow.

No, we're going to bomb you to hell.

And, you know, like.

It just flip-flopped on the narrative literally day by day using his Twitter account as a political negotiating tool for sending messaging out there and traders not knowing how to interpret it all.

But one of the most bizarre things that happened from it is that only a few times in a decade, sometimes even not even in a decade, do you have a moment where literally physical constraints in the real world meet the financial markets and the paper assets.

So I'll let you comment on that and what you're seeing, because gold looks in a liquidation phase or at least a response where they're selling going on.