After the gold price advanced solidly off the recent lows, commercial hedgers continue to make major moves in the gold and silver markets.
More Moves By Commercials In Gold & Silver
November 2 (King World News) – Commercials decreased their net-short position in the gold market. Below you can see the commercials net-short gold without the data from this week’s action being reflected yet (see chart below).
Commercials Decrease Shorts But Gold COT Remains Bullish
It will be very interesting to see next week’s report…
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The commercial hedgers also decreased their net-short position in the silver market. And as you can see from the chart below, they remain historically bullish on silver (see chart below).
Commercial Decrease Shorts And Remain Historically Bullish On Silver
We have already witnessed large scale capitulation in the gold and silver markets, both in the precious metals and the underlying shares of the high-quality companies that mine and explore for the metals. We may have already seen the bottom of the gold market when it hit $1,160 in overnight trading in Japan during the final stages of the brutal takedown. So $1,160 will be the key number to watch in the short-term. For those who are taking advantage of this historic capitulation, the odds continue to greatly favor a major upside reversal.
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