On the heels of a rally that sent the price of gold back to $1,300, the commercials covered a large number of gold and silver short positions.
Gold & Silver
March 8 (King World News) – Commercial hedgers covered a very large number of short positions in the gold market (see chart below).
Commercials Cover Large Number Of Gold Shorts
Silver
Commercial hedgers also covered a large number of short positions in the silver market (see chart below).
Commercials Also Cover Large Number Of Silver Shorts
It will be very interesting to see how the commercials are positioned in next week’s COT report. Until then, gold has pushed back to close the week at the key $1,300 level, roughly $40 away from hitting a new recent high.
***Also just released: ALERT: Big Money Is Going To Send The Price Of Gold Soaring CLICK HERE TO READ.
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