Here is a big picture look at what the bullion banks are up to in the gold and silver markets.
Short Covering In Gold
October 27 (King World News) – As we move to the end of trading in the month of October, here are the latest commercial and bullion bank activities in the gold and silver markets.
The following charts are from SentimenTrader…
The commercials have continued to cover short positions in the gold market (see chart below).
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
Long-Term Look At Silver
The commercials still have significant short positions in the silver market (see 23-year chart below).
23-year chart of commercial silver short positions
The COT report has not moved into a bullish position as of yet because the commercials are still very net-short gold and silver on a historic basis. Regardless, the sentiment is extremely negative 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. Stay disciplined and don’t try to outsmart the market.
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