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Citibank says it's bearish on gold. We suspect it’s talking to producers, not investors. Their past calls helped oil clients hedge before prices dropped. Now, signs point to gold miners selling forward into high prices. The public call may mask private flows. Watch producer activity. Pressure on gold could build.

Key Timestamps:

* 0:00- Intro

* 0:38- Quick comment on yesterday’s The Bearish Buck Stops Here?

* 4:10- Final Word on Citi Report

We connect some dots in context of 3 reports: Miners, Oil, and Rate cuts; also footnoted here

* 19:17- Flow Show starts

Recaps what Hartnett feels versus what his Euro clients feel.

* 27:58- More Gold comments.