Loading ...Maybe these horrifying ones will have little effect, too…I’m back to square one: I ask myself whether gold is even a viable asset class anymore…
Next week should see follow through gains if there is any justice. I still think there’s a bigger delayed reaction to this week’s events. There’ still room RSI wise for another $50 rally in gold, and $1 in silver. The RSI has been above neutral now for 3 straight days- it’s a MIRACLE. The last time that happened we were celebrating Valentine’s Day. One thing for sure, the comatose trading has ebbed considerably. Our patient is recovering!
The Commitment of Traders Report
Silver
*The large specs increased their long positions by 2,990 contracts and reduced their shorts by 10,976 contracts.
*The commercials decreased their longs by 4,599 contracts and increased their shorts by 8,805 contracts.
*The small specs decreased their longs by 644 contracts and reduced their shorts by 82 contracts.
As of Tuesday the commercials (the JPM gang) went net short 12,289 contracts and are surely much more than that now.
Gold
*The large specs increased their long positions by 46,014 contracts and reduced their shorts by 23,413 contracts.
*The commercials reduced their longs by 58,773 contracts and increased their shorts by 3,849 contracts.
*The small specs reduced their longs by 5,564 contracts and increased their shorts by 1,241 contracts.
The commercials are net short 172,576 contracts. And there you have it, The Gold Cartel going all out to prevent the precious metals from rising… a ZERO surprise.