After a massive sell order helped push the price of gold lower the past two trading sessions, 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 been adding to their short positions and have hit a new high in terms of their overall shorts (see multi-year chart below).
The commercial shorts are now at a level that raises serious concern. In fact, the commercials are 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 increasing their short positions on the recent trading action in the price of gold (see multi-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 commercials were never this concentrated in terms of their short position in gold until after 2008. This means there could still be a lot of room to the upside in the gold market, but the current leg of the advance is in 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.
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