A Golden Rescue on the Comex?

30 July 2016 — Saturday

by Ed Steer
Gold Seek

Once again I was wrong about this week’s Commitment of Traders Report in silver for positions held at the close of COMEX trading on Tuesday. Although the Commercial net short position in gold decreased by the expected smallish amount, there was a tiny increase in silver once again.

But under the surface in the headline gold number, was an absolutely stunning change that both Ted and I were shocked to see. But it proves Ted’s premise that one of the smaller traders in the Big 8 category most likely had its financial back against the wall — and had to get bailed out in whole or in part by one or more the Big 4 traders. More on that shortly, as first things first.

In silver, the Commercial net short position rose once again, this time by a tiny 868 contracts, or 4.34 million troy ounces of paper silver. The Commercial net short positions stands at a new record high of 535.6 million troy ounces of paper silver.

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