zondag 9 november 2014

Managed Money Gold/Silver Shorts Update

Here's another update on managed money shorts. I think both charts look pretty positive as there are a lot of shorters still out there who need to cover.

I'm a bit worried about the price action in the precious metals though, it's not like many short positions were added at all, still the price went down.

While money managers went short, the large commercials went very long as if an imminent price rise is going to occur. See the purple blocks going up = more long.

A possible reason for the price drop is the GLD outflows.

Since the 3 weeks I was on holiday, 30 tonnes of gold were withdrawn from GLD. But on the other side in China, in those three weeks we had the highest demand ever: 60 tonnes/week.

 In SLV we don't see a lot of movement on silver stock level. Stock keeps going up.

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