Bullion banks are now in one of the most bullish trading positions in the gold market in the past decade as they tighten the noose around hedge funds and speculators that are massively short the gold market. Also, a surprising look at silver.
Bullion Banks Turning Bullish On Gold
August 18 (King World News) – Commercials have covered more short positions in the gold market. They are most likely net-long the gold market at this point. Below you can see the commercials approaching a net-long position, even without the data from this week’s smash being reflected yet (see chart below).
Continued Commercial Short Covering In Gold
It will be very interesting to see next week’s report…
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Long-Term Chart Shows Bullion Banks Turning Bullish Gold
Bullion banks and commercial hedgers continue to take the other side of the trade (from hedge funds and small speculators) as they approach being long the gold market for one of the few times in the past 24 years (see chart below).
24 Years Chart Of Commercial Positioning In Gold!
Silver
Here is a look at the past decade of commercial short positions in the silver market (see chart below).
More Commercial Short Covering In Silver
Here is a long-term look at commercial short positions in the silver market (see chart below).
24 Years Chart Of Commercial Positioning In Silver!
Stay Disciplined
We are definitely seeing large scale capitulation in the gold and silver markets, both in the precious metals and the underlying shares of the high-quality companies that mine and explore for the metals. We may have already seen the bottom of the gold market when it hit $1,160 in overnight trading in Japan during the final stages of this week’s brutal takedown. So $1,160 will be the key number to watch in the short-term. For those who are taking advantage of this historic capitulation, the odds greatly favor a major upside reversal, and KWN will cover that in more detail tomorrow.
***KWN has now released the powerful audio interview where Gerald Celente gives a sneak peak look at the just-published Trends Journal and also discusses the recent smash in the gold and silver markets and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
ALSO JUST RELEASED: Gerald Celente – Surprise For Gold And A Sneak Peak At The Just-Released Trends Journal CLICK HERE TO READ.
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