((( GOT SILVER )))

Dan Norcini, Trader Dan’s World, Released on 4/15/16

It would seem that every fund manager on the planet has decided to roll the dice on higher silver prices. The long side bets on higher silver prices just scored AN ALL TIME HIGH among hedge fund managers.

Take a look at this breathtaking chart. It has moved beyond mind-boggling.

Hedge funds now have the dubious distinction of having amassed the largest long position in silver’s history!

Opposing them is the Commercial and Swap Dealer categories who between them both now have the largest SHORT POSITION in history.

On the actual price chart, you can see what all this speculative buying has done to the metal.

It has managed to take it from below $14 to its current price just below $16.50, a key overhead resistance level.

Additionally, it has created what technicians refer to as a “Golden Cross” which occurs when the 50 day moving average crosses from down below the 200 day moving average and rises above it. That took place late last month.

For all this buying, the metal still remains in a longer term trading range with that $16.50 level just mentioned the top of this range that has been in place since June of last year.

I have no way of knowing when or even IF, these hedge fund longs are going to bail out. As long as key downside technical support levels remain intact they have no particular reason to get out of profitable positions.