There has been massive commercial short covering in the gold and silver markets on the recent takedown.
The following charts are from Jason Goepfert at SentimenTrader.
King World News note: Below you can see the commercial hedgers position in the silver market market. Note that commercial hedgers been dramatically reducing their short positions recently in the silver market (see 10-year chart below).
The commercial shorts still remain at a level that raises concern. However, that does not mean that the price of silver cannot head significantly higher in the short-term.
The next chart takes a look at gold…
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King World News note: Below you can see the commercial hedgers position in the gold market. Note that commercial hedgers have been dramatically reducing their short positions on the recent takedown in the price of gold (see 10-year chart below).
King World News note: Again, sometimes it’s important to take a step back and look at the big picture in the gold market (see fascinating 23-year chart below).
The bottom line is that the commercials have been massively covering their short positions during the orchestrated takedown in the gold and silver markets. This means there could still be a lot of room to the upside in the gold and silver markets, but the commercials may still attempt to cover more of their shorts in the near-term.
The charts above are from SentimenTrader. To try a free 14-day trial of the internationally acclaimed work that Jason Goepfert produces at SentimenTrader simply CLICK HERE.
***ALSO RELEASED: Gerald Celente – The European Banking Nightmare Continues But What About Gold And The Rest Of The World? CLICK HERE.
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