The bullion banks just covered a massive number of short positions in the silver market! Short covering taking place in gold as well.
Significant Short Covering In Gold & Silver
December 8 (King World News) – As we close out trading for the week, there has been significant short covering in the gold and silver markets, particularly in silver...
The commercials cover short positions in the gold market (see chart below).
After the recent takedown in gold, there should be an even larger decrease in commercial short positions in 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
Silver
You can see that commercials 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
Stay Disciplined
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. 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.
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