On the heels of another wild trading week, the bullion banks have just covered more of their gold & silver short positions.
Massive Short Covering In Silver!
February 16 (King World News) – As we close out trading for the week, there has been short covering in the gold and silver markets.
The commercials covered a large number of short positions in the silver market (see chart below).
Large Short Covering In Silver!
After the recent action in silver, it will be very interesting to see the next COT report.
Long-Term Look At Silver
Here is a longer-term look at the commercial positions in the silver market (see chart below).
23-year chart of commercial silver short positions
Gold
You can see that commercials once again covered a bit of their short positions in the gold market (see chart below).
A Bit More Commercial short covering in gold
After the recent action in the gold market, it will also be very interesting to see the next COT report for gold.
Long-Term Look At Gold
You can take a look at long-term commercial short positions in the gold market (see 23-year chart below).
23-year chart of commercial gold short positions
Stay Disciplined
The sentiment in the mining shares is also extremely negative right now and that is very bullish from a contrarian perspective. If you are accumulating physical gold and silver, just continue to purchase at the normal times each month if you are dollar cost averaging. Don’t be distracted by the manias that are starting to crack. Instead, stay disciplined and don’t try to outsmart the market as you continue to accumulate. For those of you who are accumulating your favorite high-quality mining shares, continue to dollar cost average in February.
ALSO RELEASED: Legend Says This Is Going To Send The Price Of Gold Surging Above $2,000 CLICK HERE TO READ.
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