15 February 2013

Gold Daily and Silver Weekly Charts - Hedge Funds and Specs Selling

The Commitments of Traders chart below is courtesy of GoldSeek.

That report suggests that the Banks are starting to cover, and that the small specs and the hedges are doing the short selling.  Let's see what next week's report says to confirm this, since it will include today's big selling operation.

In the silver market the banks are having trouble taking new longs at these prices, causing some to speculate that they are stuck a bit on the big short.  I'll wait to see more evidence on that.

After the bell, the SEC says traders front running the options market in the Heinz - Buffett announcement netted $1.7 million, and that the SEC presumably intends to do something about it.  Small fry most likely if they do.

Intraday commentary on the metals market here and here and here.

Remember that Monday is a national holiday in the States.

Have a pleasant weekend.