As the war in gold and silver rages, commercial hedgers covered a massive number of short positions in the gold and silver markets.
Commercials Nearly Long The Gold Market!
November 16 (King World News) – Commercials are approaching being net-long the gold market for one of the few times in the past 17 years (see chart below).
Commercials Dramatically Reverse Short Positions, Close In On Being Long The Gold Market!
It will be very interesting to see next week’s report…
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Below you can see the long-term chart of commercial positions in the gold market. This week the commercials closed in on being long the gold market for one of the few times in the past 17 years (see 24-year chart below).
Commercials Approach Being Long The Gold Market For One Of The Few Times In The Past 17 Years!
Commercials Buying Silver
The commercial hedgers are also once again approaching being net-long the silver market (see chart below).
Commercials Once Again Approach Being Net-Long Silver!
The 24-year chart below shows commercial hedgers are positioned in one of the most bullish postures in history (see chart below)
One Of The Most Bullish Commercial Silver Trading Positions In History!
We have already witnessed 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 the 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 continue to greatly favor a major upside reversal.
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