What is very surprising this week is that gold and silver managed to go up, while no short covering has taken place. So we are seeing shorters trying to keep the gold/silver price down and not succeeding in it. This is a very bullish sign for precious metals as the real short squeeze is still to come. Currently we are seeing a rally in the precious metals market based on fundamentals and not solely on short covering. Probably some of the hot money in stocks went into gold during the stock market sell-off.
The COT report also confirms from last week that the bottom is in as large commercials have positioned themselves on the long side. In particular, silver still has a long way to rally.
On the premium side, nothing special is happening, still record silver premiums of 14% at Shanghai.
Junk silver premiums still at new plateau of 9%.
The next 3 weeks, the blog will be a bit quiet as I'm going to Hong Kong (to report on the protestors).
The COT report also confirms from last week that the bottom is in as large commercials have positioned themselves on the long side. In particular, silver still has a long way to rally.
On the premium side, nothing special is happening, still record silver premiums of 14% at Shanghai.
Junk silver premiums still at new plateau of 9%.
The next 3 weeks, the blog will be a bit quiet as I'm going to Hong Kong (to report on the protestors).
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