Articles
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Gold market report: the yellow metal is still oversold
By goldmoney.com
On Comex, last week’s Commitment of Traders Report for gold showed Managed Funds (mostly hedge funds) with record shorts, as foreshadowed in last Friday’s Market Report. But they became very skittish – some changing their minds on a mini-bear squeeze in both gold and silver, triggered during Ben Bernanke’s testimony to the House Financial Services Committee on Tuesday. This saw prices spike upwards and open interest in gold futures fall sharply between Tuesday and Wednesday as some of these positions were closed out. The Commercials will have booked some profits, but gold is still oversold, with a large number of hedge funds still short on technicals.
In silver the longs remain stubborn. There was a sharp fall in silver’s open interest, but that was entirely due to the expiring March contract, half of which has been rolled into May, and the other half being closed. It looks like the major players who might have stood for delivery have decided or been persuaded not to do so: after all bullion supplies are very tight.
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