‘Silver Challenging Resistance’
Posted by Investment Rarities on September 2nd 2010 in CFTC, Federal Reserve, General Economy, Gold, JPMorgan, Monetary Policy, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!
With Tuesday’s action in silver prompting speculation that JPMorgan covered more short positions, a Got Gold Report analysis of last week’s COT report, finds that “the more mercenary of the COMEX commercial traders, the traders the CFTC classes as Swap Dealers, had actually turned slightly net long silver with silver in the $18.30s.
From August 17 to August 24 the SDs covered or offset 3,329 short positions turning from 2,134 contracts net short to 1,195 contracts net long. Of course since then silver has rallied more than a buck, and both the swap dealers and the producer/merchants had ample ammunition to fire from their pre-Labor Day holiday bunkers.”
The analysis also cautions that “It will take buying pressure and lots of it for silver to well and truly challenge the long-time resistance,” but we “believe that silver is gaining popularity once again and is overdue for a new definition move to the upside.”
Related Links:
GoldSeek: Gold and silver fall slightly, stocks gain over 2%
Jesse’s Café Américain: Gold daily and silver weekly charts
Mineweb: Silver and gold showing upside promise and still the best safe havens
Forexyard: Gold testing all-time high, again
Bullion Vault: Top gold price analysts raise targets
Bullion Bulls Canada: Commodities: Hoarding versus shorting
Bloomberg: IMF gold assets fall 16.85 tons as Russia adds to its holdings
New York Sun: The gold audit
MarketWatch: Howard Ruff’s Ruff Times riding major market trend
Gold Scents: Can the markets crash?
SafeHaven: Bernanke out of bullets, but not bombs
Financial Times: Beware those who think the worst is past
Economic Policy Journal: Was the Great Recession just a precursor to an even worse downturn?
The Daily Capitalist: Good is bad, bad is good
