The latest COT data just released indicates that the commercials covered about 10% of their short positions during the last weekly COT period. This confirms that they were collecting as many shares as possible from their forced victims. In the past, they have brazenly added to their short positions as gold/silver were hit but not this time. It seems they must see something not too far ahead the scares the hell out of them.

With volumes decreasing over the past few days, which is a precursor to a bullish move, and a new quarter upon us, next week could be very interesting.

All the best - VHF