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Yesterday saw a massive rollover from the Comex’s Dec contract into Feb, 127,426 into 109,627, leaving only 43,496 Dec contracts left. This is massive, indicating one very large bull (100k contracts = 10m oz, or 311 tonnes). A bet of this size implies inside knowledge.
Oh really…is that what it means…just like the institutional idiot(s) who bought all those Comex silver calls ($100 million worth) two years ago that will expire worthless this month.
Or does it mean these idiots rolling over their futures contracts are gambling bafoons who will lose big money too as the machines pump them in the butt all day.
Me thinks this is the case.
Thanks a tonne Alasdair…but having an ‘impressive name’ doesn’t make you smart.
Buyers beware.