The Commitment of Traders Report

Silver

*The large specs increased their longs by 2,162 contracts and reduced their short positions by 455.

*The commercials increased their long positions by 396 contracts and reduced their shorts by 440 contracts.

*The small specs reduced their longs by 1,638 contracts and reduced their shorts by 905 contracts.

Gold

*The large specs increased their long positions by 7,967 contracts and increased their shorts by 4,344 contracts.

*The commercials decreased their longs by 4,536 contracts and decreased their shorts by 6,818 contracts.

*The small specs decreased their longs by 5,440 contracts and increased their shorts by 465 contracts.

RR on that report:

Latest COT,..

Bill,..
Just to note from latest COT data released just a moment ago,..

As expected with Silver Open Interest up at circa 140,000 it's interesting to note that the Commercials reduced their Short Position by some 836 contracts even as Open Position moved up a further 1,309 contracts,..

I realise the sums are small for the week, but the point is in line with my analysis from a few days ago,. It backs up the historic trend that the Commercials seem to be reluctant to aggressively add to their Short Positions with Open Interest over 140,000!..

What will be very relevant is how the Open Interest has changed today with Silver's mild softness in price,..

If the Commercials can't get the Long's to puke positions at this stage then they will have tremendous difficulty holding back a price rise, if they are also reluctant to aggressively add to their own Short Positions,.. If and when the Longs realise this, it could turn into an upside rout as the hounds start to get the scent of opportunity,..

Was it just me or was today's fall in Hi-Ho a little 'reluctant'!..

Next week is going to get very interesting,..
Very best,..
Rich