Commercial hedgers are now the most net-long the gold market in 17 years (fourth week in a row) and long (for the first time in history) the silver market for the fifth week in a row.
Commercial Hedgers Most Long Gold Market In 17 Years!
September 28 (King World News) – Commercials increased their net-long position in the gold market to the largest level in 17 years! Below you can see the commercials net-long gold position, even without the data from this week’s action being reflected yet (see 24-year chart below).
24-YEAR CHART: Commercials Most Long Gold Market In 17 Years!
It will be very interesting to see next week’s report…
To listen to Doug Casey’s just-released KWN interview discussing his prediction of financial and economic chaos and a panic into gold CLICK HERE OR BELOW:
For the fifth week in a row the commercial hedgers remained long the silver market (for the first time in history). Here is a look at the past 24-years of commercial short positions in the silver market (see chart below).
SILVER SURPRISE CONTINUES: Commercial Hedgers Remain Long The Silver Market!
Also of importance…
Jason Goepfert at SentimenTrader just reported: A massive $33 billion flowed into U.S. ETFs this week, likely a record (see chart below).
As the party in the stock market continues, with all-time record weekly inflows recently into U.S. stock funds and the Dow and S&P 500 hitting all-time highs, we have already witnessed large scale capitulation in the gold and silver markets, both in the precious metals and the underlying shares of the high-quality companies that mine and explore for the metals.
Commercial hedgers remained long the gold market (fourth week in a row) for the first time in 17 years. They also remained long (for the first time in history) the silver market for the fifth week in a row as they continue tightening the noose around hedge funds and speculators that are massively short the gold and silver markets. At some point the bullion banks will unleash a historic short squeeze.
We may have already seen the bottom of the gold market when it hit $1,160 in overnight trading in Japan during the final stages two weeks ago during the brutal takedown. So $1,160 will be the key number to watch in the short-term. For those who are taking advantage of this historic capitulation, the odds greatly favor a major upside reversal.
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