In the July edition of the Market Overview, we wrote that the investment demand drives the gold prices, because only professional investors (not consumers) provoke a stable, sustainable rise (or decline) in the gold prices. A month later, in the August edition, we analyzed the most important motives for investing in gold: hedge against inflation, insurance against financial turmoil and portfolio diversifier. However, we have not examined yet how the investors’ actions actually affect the gold market, so this time, we fill the gap and analyze how the changes in sentiments among gold investors drive the price of gold. We will focus on Comex, which is the largest and the most influential gold futures marketplace in the world (as was shown in March). Additionally, we will also address two other issues our readers often ask about: the impact of ETFs’ flows on the price gold and the way the gold ETFs really work. From this analysis investors should come to understand the gold market and its true drivers (e.g., how motivations of Comex participants affect the gold prices), as well as learn a few practical investment clues, especially how to interpret the COT reports and profit from them.