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What an odd report. Ms. Steel starts off harping on about how everyone is short gold, and her guest says that Goldman and JP Morgan are recommending that their clients go short gold, really? If you were short gold over the last several weeks you would be getting killed right now. If you shorted gold in the $1230's you are now $100 per ounce in the red, but then such players are often levered to buggery so they are more likely $1,000 per ounce in the hole (10% down; 90% margin).
Then Ms. Steel goes on to read out a lie that the gold market is in Contango, ie the normal state of the gold market where the Spot price is less than future dated prices. Fortunately her guest forcefully goes on to point out the gold market is actually in Backwardation, a very rare event, so rare that he has only seen it once in the last 12 years! Then he goes on to blow way the short play propaganda by saying "there is heavy demand for physical with it (gold) trading so cheap". Then the strangest admission of the whole report, that he and his fellow traders tried to buy physical gold around $1200-$1250 and they have been waiting 8 weeks for delivery, and still have not received their gold. He attributes the delay to the unprecedented demand for gold by China.