Here is how they shook out as of Tuesday the 31st.
Gold open interest continued to diminish as large Specs sold way more than they shorted and Commercials reduced longs and reduced even more shorts. The little guy? He’s backing out the door too.
Silver open interest continues to drop (from already greatly depressed levels) as large Specs closed longs and shorts and Commercials did even more so. The little guy is backing out the same door he’s backing out of gold through.
All in all, when we get the visual (graphical) data we should see that gold and silver continue on their way to improvement, with silver far ahead of gold in the process.
[edit] And here are the gold and silver CoT graphics (source: COTbase). Check out the depressed little guy in silver! That is a very positive development. He’s apparently biting on the deflationary hook, line and sinker.
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