Ding Ding – BIG move on COMEX
Friday night saw the release of last week’s Commitment of Traders (CoT) report from COMEX future exchange and it was nothing short of astonishing. The big Commercials (the likes of J P Morgan etc) made a record breaking turn around on their short position in both metals. As you can see from the charts below, such a move has almost always preceded a rally in the price of each. That the move was so huge could be telling.
When you consider the above against the technical oversold position of silver in particular, it potentially gets even more exciting…
From COMEX analyst Ed Steer:
“Combine the dramatic improvement in the COMEX futures market in silver for the last three weeks, with the monster changes in SLV, plus the manic pace that JPMorgan is taking delivery of silver [and gold] in December -- and I would suspect that we've made an historic bottom in silver.”
Interestingly tonight is the launch of Bitcoin on CME’s futures exchange so it could be a wild ride on Bitcoin tonight.