The metals got gooned up a bit over the last week and as of Tuesday (the day both metals had their low close for the week) open interest had surged.
Gold is in a benign looking condition as the large Specs went net short again (just in time to get lit up on this week’s recovery) and the little is muted.
Silver saw net short covering by the Commercials and a little guy who we’ve noted was too bullish. As of Tuesday he was still that way. Who is that guy? Anyway,
I don’t know why the graph above has omitted the large Specs so I pulled the CFTC numbers below. The figures don’t match probably because the charts above don’t include options and the numbers below do. But you can see that large Specs lurched net short, which is a positive. You can also see that the little guy is bullisher still, which is not.
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