Abet Chichi2

[DiscoverGold]

Gold and Silver COT Reports - Futures By Harvey Organ

* Saturday, April 28, 2012

Italian bond auction failure/Italian 10 yr bond yield 5.64%/Spanish 10 yr bond yield rises to 5.88%/Spain downgraded two notches/French election next Sunday

Friday night saw the release of the COT report which gives positions by our major players.

First the gold COT report: (keep in mind that the closing OI at 395,389 was the lowest OI in quite a while)

April 17 to April 24 2012

Our large speculators:

Those large speculators that are long in gold pitched a considerable 3697 contracts in this COT period and these guys are not happy campers.

Those large speculators that are short in gold added a large 3314 contracts to their short positions and these guys are a little uncomfortable this weekend with gold higher.

And now our all important commercial category:

Those commercials that are long in gold added a rather large 3264 contracts to their gold long positions.

Those commercials that are short in gold covered a rather large 5590 contracts from their short side.

Our small specs:

Those small specs that are long in gold pitched a tiny 683 contracts.
Those small specs that are short in gold added a fair 1160 contracts to their short side.

Conclusions: the bankers certainly saw the light as their net short position declined by 8864 contracts. (commercial longs minus commercial shorts)

This report which concluded this past Tuesday, running from April 17 to April 24
is quite bullish and helps explain gold's modest advance from Wednesday through Friday.

and now the silver COT: (keep in mind that the total OI at 122,325 was the highest level recorded in quite a while)

Our silver large speculators:

Those large specs that have been long in silver certainly licked the low prices of silver so they added another 862 longs to their long side positions.

Those large specs that have been short in silver fell for the banker raids as they added a rather large 2798 short positions to the short side.

Our commercials:

Those commercials that are long in silver agreed with the long specs as they added another 3821 long positions.

Those commercials that have been short in silver from the beginning of time only covered a very tiny 323 contracts from their short side.

Our small specs:

The small specs that have been long in silver pitched a 3715 contracts from their long side.

Those small specs that have been short in silver covered a large 1507 contracts from their short side.

conclusions: slightly more bullish than last week judging from the actions of our bankers in that they bought 3821 longs and covered 323 shorts and thus a net reduction in short position of 3498 contracts.

http://harveyorgan.blogspot.com/2012/04/good-morning-ladies-and-gentlemen-gold.html

George.

Click on "In reply to", for Authors past commentaries.