After another wild week of trading, look at who is standing for delivery and what is happening behind the scenes in the gold and silver markets.

KWN has now released this week’s audio interview!

Behind The Scenes In Gold & Silver
August 21 (
King World News)
Alasdair Macleod:  The table below shows the distribution of longs and shorts for the non-speculator and speculator categories for the Commitment of Traders report for 18 August, released this evening and the changes from the previous report.

UPDATED: Gold COT Report

Points to note: The Swaps (bullion bank traders) have increased their net shorts by 2,095 contracts, despite a fall of 9,335 contracts in open interest. Lower Producer/Merchant hedging has reduced this category’s net shorts by 2,655 contracts.

  • The Swaps went backwards in their attempt to reduce the impact of the bear squeeze upon them.
  • Managed Money (hedge funds) are marginally bearish, cutting their longs more than their shorts, leaving net longs down by 2,254 contracts. Note that long-term average net position is about 111,000 contracts net long: they are under this by over 15,000 contracts. We would normally expect Managed Money to be well over 50% of the speculator longs. 41% is low.
  • Other Reported and Non reported do not play the game like the hedge funds, and it is in these categories that traders are standing for delivery in active contracts.

The bear squeeze on the bullion banks is still on, which is bullish taken in conjunction with the absence of any physical liquidity in London’s vaults.

The bullion banks are staying out of trouble, running an even book. Again, there’s no liquidity in London, with bullion stocks split between SLV and industrial users with some minor private investment holdings.

The situation is made more squeezy because refiners are concentrating all their resources into refining gold, and there is very little silver coming out of the major refiners. Consequently, silver could squeeze sharply higher in the coming weeks.

KWN has now released this week’s audio interview!

Man Who Advised People Managing More Than $2 Trillion
***To listen to
 one of the most powerful audio interviews of 2020 from the man who advised people managing more than $2 trillion click here or on the image below.

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