Both Silver and Gold commercials

    Posted by rbreese on 31st of Mar 2023 at 04:24 pm

    Both Silver and Gold commercials were net sellers of contracts as we hit new highs for the year. 

    rbreese, I would not trust

    Posted by junkie on 31st of Mar 2023 at 04:39 pm

    rbreese, I would not trust positioning of the commercials (large banks) on /GC, as they need not be profitable from their shorts: central banks and other entities are buying all physical gold they can find. Those positions are not printed on the CofT reports!

    Junkie did you see the

    Posted by rbreese on 1st of Apr 2023 at 11:02 am

    Junkie did you see the GLD daily chart and pronounced divergences? 

    rbreese, yes. Gold does not

    Posted by junkie on 1st of Apr 2023 at 11:45 am

    rbreese, yes. Gold does not follow technicals as much as indexes do. It behaves like a currency.

    So your point is technicals

    Posted by rbreese on 1st of Apr 2023 at 12:50 pm

    So your point is technicals do not really matter. What does in your opinion? Commetcials are long term smart money IMO. 

    rbreese, What does matter? Price

    Posted by junkie on 1st of Apr 2023 at 01:00 pm

    rbreese, What does matter? Price levels coming from large players, and demand based on geopolitical concerns. I listen to Andrew Maguire, who voices this very well. https://www.youtube.com/watch?v=B0wsJ3tyaSk  He makes a point repeatedly that big banks are trapped on the short side. I do not view them as smart money as they once were. Shorting gold at the current prices is like picking pennies in front of a steam roller.  

    To clarify, technical analysis is only for short-term trading. Big players use supply and demand zones, which is why you see vertical moves in gold.

    According to Andrew Maguire, 1820

    Posted by junkie on 1st of Apr 2023 at 01:32 pm

    According to Andrew Maguire, 1820 is the new possible low for gold, stair stepped by $200 from the last year's low. https://www.youtube.com/watch?v=f5WLOPk8WQQ

    /GC closed lower last week but did not make a lower low. I would expect a similar price action for next week. As Andrew Maguire says, low 1900's is a far as /GC could drop now. If it goes there before proceeding with the rally, it is a gift to load up.

    What is going on behind

    Posted by steve on 1st of Apr 2023 at 01:18 pm

    What is going on behind the scenes with the Brics to counter the US Dollar dominance (reserve status)  is something to be keenly aware of going forward (longer term).  

    Thanks for this important piece

    Posted by mundy on 2nd of Apr 2023 at 06:07 pm

    Thanks for this important piece of information Steve.

    I actually posted it first

    Posted by rbreese on 2nd of Apr 2023 at 06:28 pm

    I actually posted it first on Friday afternoon and Steve confirmed it after junkie and I had a brief discussion about it. I have always followed Commercials for longer term moves in metals . Off tomorrow as I have an early a.m. procedure with a surgeon. 

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