Below is an update on the war that is raging in the gold and silver markets.
The following charts are from Jason Goepfert at SentimenTrader.
There were very little changes in the COT reports this week. What they showed was a bit of short covering on the part of the commercial hedgers (see gold and silver COT charts below).
What Does It All Mean?
What this means is that gold and silver may still head significantly higher, but they remain vulnerable to the possibility of a pullback in the near-term.
Of Greater Importance
King World News: What is of greater interest is the bullish consensus in the gold and silver markets. Right now the current bullish reading in gold matches what was seen at the bottom of the 2008 collapse lows, when gold traded near $700. And the silver bullish reading is much lower than the 2008 collapse low, when silver traded as low as $8.80. What this means is that this new bull market in gold and silver is definitely climbing a wall of worry. It will be very interesting to see how next week’s trading unfolds. ***KWN has now released the powerful audio interview with Gerald Celente CLICK HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: Legend Says The Price Of Gold Will Exceed $2,000 This Year CLICK HERE.
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