Below is an email from one of KWN’s global readers and what he had to say was fascinating.
July 18 (King World News) – This email came from one of the global KWN readers (Kevin W.): “COT Gold Swappers are (now) a record long at 43,721 contracts. They increased their net long(s) into 7/11, from 7/3, by 22,000, whereas open interest increased by only 18,000!…
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Going back to Jan. 2006, Swappers have been net long only 25 weeks out of 600 weeks. Even with the set up in December 2015 for the big 2016 run last year, Swappers only made it to 31,693 contracts net long. Higher prices will make the squid faced Swappers a lot of money.”
King World News has not broken down the swap dealer category specifically, but KWN has been noting the commercial short covering that is very apparent in both the gold and silver markets (see charts below).
All-Time Record Silver Short Covering Continues! (23-year chart)
Commercials Also Covering Gold Shorts (10-year chart)
***KWN has now released the remarkable audio interview with legend Rob Arnott and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Gold & Mining Shares May Be Set For Major Surge CLICK HERE.
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