China’s stock market plunged nearly 3 percent as the fierce battle in the gold and silver markets continues.
From Jason Goepfert at SentimenTrader: “The Commitments of Traders report showed another week of selling in the precious metals among “smart money” hedgers. Their bets against silver moved to the largest since 2008…
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Jason Goepfert continues: “In gold, they are short more than 150,000 contracts and over the past there years, such a large short position has coincided with a peak in the gold rallies every time. As always, we’ll be looking to see if it’s different this time, suggesting a new bull market for precious metals.“
A quick note from Art Cashin: Overnight And Overseas – G-20 ends with a yawn. China cuts reserve requirements and sets the yuan a touch lower. The latter weighed on stocks in Europe but crude came off its lows helping to pare equity losses. Yen and gold find a bid as safe havens are back in vogue.
Consensus – On any pullback, traders will look to S&P 1945, the 50 DMA. Should they mount a rally, S&P 1962/1965 will be watched. Crude conducts the equity orchestra once again. Stay wary, alert and very, very nimble.
King World News note: It will be interesting to see how the gold and silver markets hold up in the face of the heavy commercial short selling. As Goepfert noted, a strong performance could suggest a new bull market. Also of importance, on any significant further weakness, China’s stock market will break to a 15 month low. The authorities were recently able to rally the Hong Kong stock market well off its lows, eliminating a breach that would have triggered derivative selling or the equivalent of margin call selling. KWN will keep readers updated on the trading in China and Hong Kong in the coming weeks.
***KWN has now released the Dr. Paul Craig Roberts KWN audio interview where he discusses the gold and silver market in greater detail. Dr. Roberts also discusses the greatest threat facing the world, systemic collapse, major markets, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: Legend Warns Of Coming Anarchy, Hyperinflation And A Frightening Endgame CLICK HERE.
***KWN has also now released the Stephen Leeb KWN audio interview where he discusses the gold and silver, China, Russia, what surprises to expect in 2016, and much, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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