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Chart 1: Gold CoT
This is a weekly line chart of Gold with its net speculative position (as a percentage of open interest) at the bottom of the chart.
The net spec position went to -1%. That is a 17-year low and the first negative since 2001. Negative means the speculators are net short. The net spec position in Silver is currently -7% and that is at an all time low.
As you should know by now, the net spec positions can get even more negative (short) if metals continue to trend lower. However, in the immediate sense, the positions are at an extreme and we could see some short covering.
TheDailyGold Premium #585
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The 20-page update was published and emailed to subscribers Saturday evening.
The gold stocks and Silver have traded down to new lows and this could setup the opportunity for a good rebound. We still want to see lower prices before we take a long position and it could require anywhere from a few days to a few weeks.
In addition to the potential for a long trade on the sector, we are awaiting important news from most of our companies (albeit we only own a handful as we are heavily in cash).
Be patient and let the opportunities come to you. The sector can get a bit more oversold before a potential rally in the fall.
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that
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