Gold and silver maintain the bullish stance from last week and in fact silver goes really bullish by this indicator this week. Now of course, we are in the age of indicators mysteriously gone on the fritz so I guess that’s the caveat, if you want to call it one. Here’s silver…
Silver CoT
At some point you would think this will manifest in something good. Rarely do gold and silver CoT data get to these levels on the contrarian bullish side.
Commitments of Traders, Gold
Commitments of Traders, Silver
Some improvement again this week.
Gold Commitments of Traders
Silver Commitments of Traders
Not that it means much these days, but here it is anyway. Commitments of Traders lurch in a positive direction for both gold and silver.
Au CoT
Ag CoT
Large spec shorting and commercial covering in Au…
Gold Commitments of Traders
Pretty much the same thing in Ag…
Silver Commitments of Traders
[edit] In response to a reader’s email (blog comments have been disabled for reasons explained here) requesting more info, the CoT data are now firmly bullish. As the commercial entities (bullion banks and industry players) cover toward historical low short interest averages and the speculators (hedgies, etc.) get more short, the structure becomes more bullish.
The commercials are considered smart money. Here is the graphical data for a better view. Silver especially looked good as of Tuesday. And that was before the smash. Note the high ‘open interest’. I am not quite sure how to interpret that against a bullish structure, quite frankly, so I won’t pretend to.
Gold CoT, click for full size
Silver CoT, click for full size
Hmmm, once again gold creeps the wrong way and silver the right way.
Gold goes in the wrong direction; silver… meh.