GOLD & SILVER COT REPORT 3/8/13: SHORTS ON FIRE? COMMERCIALS COVER ANOTHER 9 M OZ OF SILVER SHORTS!

Gold & Silver COT Report 3/8/13

Commercials added a modest 265 total long contracts and covered a moderate 1,438 shorts to end the week with 45.80% of all open interest, a decrease of -0.87% in their share since last week, and now stand as a group at 145,915,000 ounces net short, which is a decrease of just over 8.5 million net short ounces from the previous week.

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Large speculators added 696 longs and also added a huge 3,830 more short contracts decreasing their net long position to 93,015,000 ounces, a decrease in their net long position of over 15.6 million ounces from the prior week.

Small speculators increased their long total by 316 contracts and reduced their shorts by 1,115 contracts for a net long position of 52,900,000 ounces an increase of over 7 million ounces net long from the prior week.

Now we get to see the final results of the downward price swing through Friday, March 1 and see the numbers on the combined commercials total short reduction to that day’s low of $27.92

Most noticeable, we see the commercial’s short selling has pretty much drawn to a close and probably ended on Friday of the COT week.  Since that time they have been attempting to draw the speculators out of their huge short position, taken in the last month, but those large specs still gobbled up 3,830 additional short contracts on the week ending Tuesday afternoon.

Recalculating, only about 11 million ounces of that 150 million ounces possible to the downside were expended last week by the producer merchant and the swap dealer so there could be much more to the downside but not until they shake off the new shorts of the speculators who, after the math, upped their recent acquisitions to just over 12,000 contracts short.

Over on the gold side, we see significant short accumulation by the large specs and equal long accumulation by the small specs so those two efforts pretty much cancel neutralize themselves.

Gold & Silver COT Report 3/8/13

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One thought on “GOLD & SILVER COT REPORT 3/8/13: SHORTS ON FIRE? COMMERCIALS COVER ANOTHER 9 M OZ OF SILVER SHORTS!

  1. Pingback: TODAYS Breaking NEWS HEADLINES | count down to zero-time

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