“The latest gold and silver COTs and Hedgers charts are quite simply astounding – we have not see anything like it since the site started 15 years ago. In addition, short selling of gold and silver by futures traders is at record levels by a huge margin at a time when bullishness towards the dollar is also at extreme levels. All of this points not just to a reversal soon, but to a meltup in gold and silver triggered by a scramble to exit massive short positions once the tide turns.”
USAGOLD note: For the details, including chart annotations, we recommend visiting Clive Maund’s site linked above. Interest among physical silver buyers is picking up at current prices. Last week the U.S. Mint reported that demand had depleted its silver Eagle inventory.