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Incredibly Important Developments In Gold & Silver
Today King World News is reporting on incredibly important developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that in the metals markets, “I don’t recall seeing something like this over the last eleven years we’ve been in this bull market.”
Norcini has been stunningly accurate in his predictions of the movement of the gold and silver markets. Now the acclaimed trader discusses these incredibly important developments in both of these markets: “This week there was a big change in the (COT) swap dealers position, Eric. They added the equivalent of (roughly) 13,700 contracts worth of selling (in silver). That was a large amount of selling this week (by the swap dealers in silver). It changed their position quite quickly.”
“If you take a look at their position, and you compare it to the hedge fund’s position, they are the mirror opposites. A lot of buying among the hedge funds, and a lot of selling among the swap dealers. It’s kind of unusual to see that (rapid) of a change, when a particular group of traders is net long and they make such a big transition to the short side.
That’s what happened among the swap dealers (in silver). We know where the resistance is coming from in the silver market
“We know there is a lot of selling by these swap dealers. But, interestingly, the big commercials, they were doing some short covering this week. I find it odd the behavior among those commercials in silver.
When you shift over to gold, you see almost a similar thing, not among the swap dealers, but among the end user category. What I mean by that is the big commercial group. What you have there, Eric, is very, very odd. I don’t recall seeing something like this over the last eleven years we’ve been in this bull market.
You had the big commercials liquidating a bunch of long positions, 27,700 or so. But then they turned around, and this is what is unusual, they covered or bought back almost the equivalent amount of short positions, 27,300 (contracts). It’s very odd to see that.
Looks like an attempt to keep the prices of gold/silver down. This has been ongoing.