WHY I AM SUPER-BULLISH ON SILVER AND GOLD!

Every Friday around 5 pm,  the Commodity Futures Trading Commission issues its COT report (Commitment of Traders Report), based on data assembled the previous Tuesday.  Included in the report are Gold and Silver.  This report is useful in determining whether commercial traders and bullion banks are bullish (long) or bearish (short) and to what extent.

The report that was issued on Friday  July 29th is very bullish, as the commercial traders are only 22% ‘net short’ in gold, and just 2% ‘net sort’ in silver.  The last time we saw numbers this low was in May  of 2019.  At that time gold was trading around $1,277.00, and silver at 14.38.

History tells us that the commercial traders then turned bullish and by August gold had reached $1527, and silver had moved up to 18.34.

Today’s setup looks almost identical, and while history is not a guarantee for the future, the odds look very good for both gold and silver to rise up from here.

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The ‘net short’ position for gold here is down to 22%.  This compares to 58% last February.

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The ‘net short’ position of commercial silver traders is currently down to just 2%.  That compares to 74% in February.

Enjoy the ride!    Gold Relic does not accept responsibility for your trading decisions, but welcomes feedback at itiswell@cogeco.net