Gold & Silver COT Update 1/4/13- Commercials Cover Another 7 Million Ounces of Silver Shorts

January 7, 2013 By 8 Comments

SilverCOTSubmitted by Marshall Swing:

Gold & Silver COT Report 1/4/13:

The commercials decreased their shorts by 6,860,000 ounces in the week ending 1/1/13 into the silver price raid, and they increased their longs for the 4th week in a row.   The commercials remain a net 226,680,000 net short in silver.

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Comments

  1. Avatar of spaniel spaniel says:
    January 7, 2013 at 10:37 AM

    If you look at this page, that shows silver futures, there are 80,000+ contracts for March 2013.
     
    http://futures.tradingcharts.com/marketquotes/index.php3?market=SI
     
    Can anyone comment on what that means for silver prices ?
     
    The other months, the open interest is quite low by comparison.
     
     

  2. Avatar of Mammoth Mammoth says:
    January 7, 2013 at 11:10 AM

    Not to advocate trading paper, but for anyone so inclined to do so, they could make some tidy profits by buying during these morning down-spikes and then selling later in the day.

  3. Avatar of Strannick Strannick says:
    January 7, 2013 at 11:21 AM

    Bogus COMEX volume tanks while physical delivery Shanghai grows. Thats what happens when you let charlatans like Jeff Christian run a sham exchange, winked at by the CFTC Commisioners (Jill Sommers, Scott OMalia, Bart Chilton, Gary Gensler, Mark Wetjen). Let their sham(e) continue til their bogus exchange collapses.
     
    Mineweb- Overall, the total number of US gold futures and option contracts shrank last week to a 3-year low, dropping below 600,000 for the first time since September 2009.With the Chinese New Year now 5 weeks away, in contrast, the Shanghai Gold Exchange today reported a sharp jump in physical gold trading, with volume breaking more than 22 tonnes.

  4. Avatar of Marshall Swing Marshall Swing says:
    January 7, 2013 at 5:59 PM

    @spaniel
    That is the volume in March which is now the month that determines the current spot price.  Not every month is what is considered a delivery month.  March is the next big one.
    Spot price is always determined by whichever month has the highest volume.  That always centers on the next delivery month.
    At the end of December, the majority of the volume shifted to March, from December.
    I have explained this in the past but it might not be a bad idea if the Doc could post that somewhere so new people could have it for reference.

  5. Avatar of binahmax binahmax says:
    January 9, 2013 at 8:49 AM

    7 million is minimal and yet look at the damage it caused

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