With increased volatility in both the gold and silver markets, SentimenTrader issued a second important update on the war in the gold and silver markets.
From SentimenTrader: “The latest Commitments of Traders report showed some modest changes from last week. In gold, hedgers moved to their most net-short since 2012 (see chart below).
They (the commercials) also added to silver shorts which are just of multi-year extremes as well (see chart below).
The longer they can shrug off this potential negative, the stronger the argument they have embarked on new long-term bull markets.“
King World News note: The 25-year chart below gives a longer-term perspective of commercial short positions in the gold market. It’s important to note that some legitimate (short-term) hedges have been put on in the gold market by companies such as New Gold. So not all of the commercial short positions are bullion banks looking to trade the gold market from the short side. Having said that, even though it is possible for the price of gold to remain firm or even head significantly higher, commercial short positions are definitely waving a caution flag at this point.
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