The gold open interest fell 1507 contracts to 451,795. Surprisingly, the silver OI went up 2510 contracts to 103,163.

A note from Dave from Denver…

"Hate to say the bottom is in, but it sure feels like, barring a complete market collapse, we may have seen the lows in gold/silver. China is closed next week so that may give them window to hit the metals again unless India kicks into high-gear, which it could."

The Commitment of Traders Report

Silver

*The large specs reduced their long position by 8,794 contracts and increased their shorts by 1,681.

*The commercials increased their longs by 5,652 contracts and reduced shorts by 10,794.

*The small specs decreased their longs by 7,862 contracts and increased shorts by 1,471.

By any account, this is one of the most bullish COT reports on silver I have ever seen!

Gold

*The large specs decreased longs by 31,086 contracts and decreased shorts by 8,358.

*The commercials increased longs by 5,200 contracts and decreased shorts by 25,745.

*The small specs decreased longs by 5,909 contracts and increased shorts by 2,308.

By any account, this is one of the most bullish COT reports on Gold I have ever seen.