Managed Money Shorts Update: Gold/Silver

For the third week in a row, the gold shorts have not increased. This tells me we have definitively bottomed out. The drop in gold price was only due to the rising U.S. dollar index. In euro terms for example, gold has only moved upwards.

 

The large commercials have all positioned themselves long at this moment:

So I expect that we will see a rise in gold price in the next weeks.

For silver we see the same. Although open interest has not gone down, the managed money shorts (red chart)  have not increased substantially.

 

Here too, the large commercials have positioned themselves for a rise in silver.