Below is an important update on the war that is raging in the gold and silver markets.

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 covered a bit of their short positions on the recent action in the price of silver (see multi-year chart below).

KWN SentimenTrader I 3:5:2016The commercial shorts remain at a level (real-time) that raises serious concern.  In fact, the commercials are still close to one of their largest short positions in history.  The last time the commercials held this large of a short position in silver was in 2008.  Again, 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 adding a bit to their short positions on the recent surge in the price of gold (see multi-year chart below).

KWN SentimenTrader II 3:5:2016

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).

KWN SentimenTrader III 3:5:2016

The commercials were never this concentrated in terms of their short position in gold until after 2004.  This means there could still be a lot of room to the upside in the gold market, but the current leg of the advance has now reached a danger zone in terms of the commercial short position in gold.

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.

***KWN has just released one of Bill Fleckenstein’s best audio interviews ever discussing the gold & silver markets and much more.  To access it CLICK HERE OR ON THE IMAGE BELOW.

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KWN Fleckenstein mp3 3:5:2016

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