With hedge funds net short for the first time ever, and Commercial Hedgers are holding the lowest net short position in gold futures since the launch of the gold bull market in 2001, we thought it interesting that - for the first time since 2009, BofAML's fund managers' survey finds Gold is "undervalued." For the first time since records began, hedge funds are net short gold futures, according to CFTC data... This is what happened the last time gold saw a 'low' net long position... And as of this week, Commercial Hedgers are holding the lowest net short position in gold futures since the launch of the gold bull market in 2001. And now... BofAML fund manager survey shows Gold is "undervalued" for the first time since 2009... So in aummary - Fast Money short, Smart Money least hedged, Gold "undervalued" Source: Bloomberg and BofAML