Enligt COT rapporten så är det upplagt för en större uppgång i silvret. Bankerna har inga stora korta positioner medans Hedge fonderna inte har några långa positioner.
Turning now to the COT charts we can see the dramatic improvement in the COT structure on the chart below, with Commercial shorts falling to the sort of levels that prevailed ahead of the big rally last August, and the more muted but still significant rally of last February. Large Spec longs are now almost non-existent – they have “thrown in the towel” which is very positive sign indeed. This is a very positive COT structure indeed and the expected new uptrend could begin at any time, although we suspect there may first be a short-term drop, partly because gold’s technical situation could still use some improvement, and partly because seasonal factors are not favourable this month.