Silver Rallies Following The Banks Getting Long
Silver Rallies Following The Banks Getting Long
After a tough few weeks in the silver market, investors are enjoying a move higher this morning following weaker than expected data and a selloff in the US dollar index.
The developments have left both gold and silver prices higher, although perhaps more significant a driver of the rally is that the move comes following the banks reducing their short position in silver and getting long.
The CFTC's COT report is released each Friday, and it shows the changes in the positioning among the banks and the hedge funds. And while the silver market's supply and demand fundamentals often seem to have little correlation to the price, the COT report has been one of the stronger indicators of which way the price will be headed. As when the banks get long, we're often in front of a rally. While a large short position by the banks usually indicates 'watch out below!'
So in today's show we look at the recent changes in positioning, as well as some of the other news and data around the silver market. And to find out more, click to watch today's video now!
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#silver
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And remember to get outside and have some fun every once in a while!:)
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