by Alasdair MacLeod
Precious metals rallied this week, with gold up $50 to $1910 in early morning trade in London, while silver rose $1 to trade at $23.86. It appears that the bullion banks are being squeezed again, and the table below shows the last known position, which will be updated tonight.
[…] The Swaps (bullion bank trading desks) had managed to reduce their net shorts by 9,874 contracts from the previous week, but Producers and Merchants had similarly reduced their position. The overall reduction, at the expense of the Managed Money category (net longs down 29,650), has not been as beneficial to the Swaps as they might have hoped. Meanwhile, the Other Reported category is at a record net long position, as our next chart shows.