Commercial Short Positions In The Silver Market Hit All-Time Record!

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After a large decline in the dollar this week, both gold and silver continued to surge on Friday, with gold gaining close to $30 and silver rising 30 cents.  On the heels of that trading, below is an important update on the war that is raging in the gold and silver markets.

Commercial Short Positions In Silver Hit All-Time Record High!
 
King World News note:  Below you can see the commercial hedgers position in the silver market market.  Note that commercial hedgers been adding aggressively to their short positions and have hit a new high in terms of their overall shorts (see multi-year chart below).

The commercial shorts are at a level that raises serious concern.  In fact, the commercials now have their largest short cumulative short position in history.  The last time the commercials held this large of a short position in silver was in 2004.  Again, that does not mean that the price of silver cannot head significantly higher in the short-term.

King World News note:  Sometimes it’s important to take a step back and look at the big picture in the silver market.  Looking at the 23-year chart below, the commercials are now the most short silver that they have ever been in history (see fascinating 23-year chart below).

What is important to note on the chart above is that the last time the commercials were this short silver there was a brief 12.7 percent pullback in the price of silver, but over the next 18 months the price of silver more than doubled from the low of that pullback in 2004.  So from late November of 2004, when the price of silver fell to about $6.70, the price of silver soared to $14.31 by early May of 2006.  Nevertheless, the commercials now have historic short bets against silver and that is something that traders and investors should watch closely.

King World News note:  Below you can see the commercial hedgers position in the gold market.  There was essentially no change in commercial short positions reported for this week (see 10-year chart below).  That does not mean that the price of gold cannot continue heading significantly higher in the short-term, but it does raise a caution flag.