COMEX Commercials Shed Shorts
Posted by Investment Rarities on September 30th 2011 in CFTC, Federal Reserve, General Economy, Gold, Goldman Sachs, JPMorgan, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!
About Friday’s COT report, which covers traders’ positions through last Tuesday, Got Gold Report observes that “the data show a stunning drop in the large commercial net short positions in both gold and silver futures.” Particularly in silver, where “traders classed by the CFTC as ‘commercial’ reduced their collective net short positioning (LCNS) by an extremely large 16,446 contracts to show 24,262 contracts net short….Not since November of 2008, during the heat of the 2008 Panic, has there been a smaller commercial net short position for silver futures. We can say that as of Tuesday, the largest, best funded and presumably the best informed commercial traders of silver futures had taken the price downdraft opportunity to very strongly reduce their short bets for the second most popular precious metal.”
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