VelocitySharesTM 3x Long Silver (USLVF)

[hitpaydirt]

Comex Gold Net Betting Slashed in Half, Silver Specs Near Net Short as LME Launches Precious Metals Derivatives

Monday, 7/10/2017 14:51

GOLD and SILVER prices fell to new multi-month lows versus a strengthening US Dollar at the start of European trade on Monday, hitting 4-month and 16-month Dollar lows respectively

Priced in the Euro both precious metals fared worse still, dropping to their cheapest since February and March 2016.

With gold and silver hitting US Dollar lows of $1205 and $15.21 per ounce respectively at 8am London time, world-leading base-metals platform the London Metal Exchange this morning launched its new LMEprecious contracts, aimed at "modernising the gold and silver markets" currently centered in the UK capital, and also set to compete with dominant US-based futures and options exchange the CME Group's Comex products.

Latest data from US regulators say that hedge funds and other professional traders worldwide fitting the 'Managed Money' category of participants last week slashed their net bullish betting on Comex gold derivatives in half, down to the smallest size since New Year.

Those speculators cut their total number of bullish bets on Comex gold futures and options for a fourth week running, the CFTC data show, down 11% from a week earlier to the smallest size since mid-March.

The 'Managed Money's short position in contrast – counting bets that gold prices will fall – jumped 31% to its largest level since gold prices began their recovery from 6-year lows in January 2016

https://www.bullionvault.com/gold-news/gold-silver-071020172