Extremely interesting developments in the open interest in both gold and silver this week!!
In silver, we see the commercials going FAR more short
and the large specs going far more long. Really interesting is the
price rise, yet the speculators, on the surface, are not buying up long
contracts by the bucket – but they covered so MANY short contracts that
their net long position went skyrocketing upwards. For the commercials
part, both the producer merchant and the swap dealers added huge on the
short side to the tune of over 12,000 new contracts total.
Notice the silver commercials added over 50 MILLION ounces net short!!
So, in my numbers world, with price rising, that tells me the
commercials led the way and FORCED the speculators out of short
positions. Notice a very modest pickup of short contracts by the small
specs. Those guys know the top is near and they are getting ready to
ride the rocket downhill as the commercials crash price in the coming
days.
In gold, we see very similar type actions with the
commercials combined picking up an additional 16,000+ short contracts
and they exhibit very strong short pickups on both the producer merchant
and the swap dealers.
Those bankers and their cohorts absolutely slammed the speculators by forcing PRICE to RISE!!!
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