“[Vince Lanci, founder of Connecticut-based Echobay Partners]said he could see the metal hitting $1,700 an ounce or higher in 2018, if correct, his forecast would be an over $450 rally from the current level of $1,250 an ounce. ‘On Tuesday we had a short covering rally. And Wednesday there was a 10,000 contract increase in December – that’s very unusual, that is an over 2.3% increase in open interest that comes on the heels of the day before, of people getting out – that is not common, but when it does happen it’s a sign that either a) shorts are getting stopped out or b) you have prop traders positioning themselves for asset allocators coming in,’ Lanci explained.”
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