As we approach the end of the year, the bullion banks have just covered a near-record number of gold & silver short positions.
Massive Short Covering In Gold & Silver!
December 15 (King World News) – As we close out trading for the week, there has been massive short covering in the gold and silver markets.
The commercials covered an enormous number of short positions in the gold market (see chart below).
Massive Short Covering In Gold!
After the recent action in gold, it will be very interesting to see the next COT report.
Long-Term Look At Gold
Here is a longer-term look at the commercial positions in the gold market (see chart below).
23-year chart of commercial gold short positions
You can see that commercials once again covered a massive number of short positions in the silver market (see chart below)!
Massive commercial short covering in silver!
Long-Term Look At Silver
You can take a look at long-term commercial short positions in the silver market (see 23-year chart below).
23-year chart of commercial silver short positions
I thought it was also important to share Bill Fleckenstein’s note about the COT report today:
“…there was some good news today in the CFTC data, which showed one of the biggest one-week position changes I have ever seen (last week was good-sized as well). I often ignore this data because usually there is little actionable in it, but this is a pretty good indication that the decline in metals is close to running its course. Year-end crosscurrents make the next couple weeks sort of tricky, but this was a positive development nonetheless.”
The sentiment is also extremely negative right now and that is very bullish from a contrarian perspective. If you are accumulating physical gold and silver, just continue to purchase at the normal times each month if you are dollar cost averaging. Don’t be distracted by the manias that are unfolding. Instead, stay disciplined and don’t try to outsmart the market as you continue to accumulate. For those of you who are accumulating your favorite high-quality mining shares, continue to dollar cost average in December.
Speaking of gold…
In The Footsteps Of Giants
One of the top questions KWN receives from investors about the mining industry is always: “How do you know out of the thousands of companies there are to choose from which will take-off and which ones will falter?” The answer for smart money investors is always to look for proven leaders with previous success as a good indicator of future success. One individual that fits this description is pictured below with multi-billionaire Robert Friedland.
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***KWN has just released “the most important in over a decade” top trends for 2018 with Gerald Celente and you can listen to to the remarkable audio interview by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: We Are Approaching The Brick Wall CLICK HERE.
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