As of Tuesday Oct. 2 Commercial traders in gold had increased their net long positioning and those Wrong Way Corrigans (the post’s featured image above is actually Douglas “Wrong Way” Corrigan) in the Large Spec community had increased their net short positions. Open interest is subdued and in gold and silver that usually goes with calmer waters.
The technology (and gold, it would appear) expert* (ha ha ha, he was expertly bearish on Semi Equipment and expertly bullish on gold in mid-2016) I see all over Twitter and touted at various gold-related pump stations sees the vigorous net shorting in silver as “attacks” by malevolent forces. That’s the kind of crap he sells to his legions of drones followers.
The biggest danger here is not the evil net shorting large Specs; if there is any danger it’s the eager little guy. As with gold open interest is subdued and this is a positive picture for silver.
* I don’t name him because that would be untoward; but the guy has rankled me since the day in mid-2016 I lost a subscriber for being right (bullish Semi, cautious gold) while this “expert” leading his flock the other way was held up in refutation of my stance. I tend never to forget things. Like ever.
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