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Getting back to gold, it’s not just this week’s increase in the concentrated short position of the 8 largest traders or the sharp increase in net buying by the other large reporting traders that stands out. In a truly “man bites dog” affair, this week’s new concentrated short selling occurred on, essentially, lower prices (save for the rally on the cutoff day). Moreover, it’s not just a one-week development. As I reported on Wednesday, the 8 big gold shorts have been selling short on declining gold (and silver) prices since the price highs of early August (while the other large reporting traders have been buying on those lower prices and the managed money traders have stood pat). Stop the presses!
What I just wrote would seem to be impossible, yet there can be little doubt that it has occurred. The pattern for decades has been that the managed money traders buy and the commercials sell short to them on higher prices. That’s what made including COT report analysis part and parcel of just about every commentary out there. But this week and for the past four months that is no longer true.
Read in Full on SilverSeek: https://silverseek.com/article/man-bites-dog
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