<<<Looks like a bottom to me. CNBC anchors are literally giddy each time they get to say how much gold plunged today. When they get giddy its time to go the other way>>>
Hi silver, Fwiw, I'm very encouraged by the COMEX Gold portion of today's CFTC weekly Committment of Traders report.
As you can see, it shows a huge decline in the COMEX Gold Futures commercial trader's net short position to 225,064 contracts, a drop of 29,518 from the prior weeks total.
Not only is this total the smallest commercial net short position (as shown by the length of the brown vertical bars) since the PoG bottomed out @ $1155.90 during the period of 7-27 thru 8-12, it is also closely aligned with the Commercial net short position numbers witnessed during the PoG's bottoming action that was seen in late January - early February when the PoG's $1044.80 low was set.
Whether or not the third time will turn out to be the charm remains to be seen, but I'm comfortable thinking next week will see the resumption of the gold bull and hopefully, add some measureable value to the passel of junior trader shares I picked up during the final 20 minutes of today's session.
Hopefully, I'll get some sort of a confirmation from the Canadian Markets on Monday.
Enjoy the long weekend.
Gold is the money of kings, Silver is the money of gentlemen, barter is the money of peasants, but debt is the money of slaves."
… Norm Franz. "Money and Wealth in the New Millennium"
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