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June 6, 2017

#Gold & #Silver #COT


Net Commitments of gold futures traders indicate that large speculators (hedge funds and money managers) increased slightly their long positions. Net commercial gold traders extended slightly their short exposure. Nothing special to read into these figures

(attachment 1).

 

The Gold Barometers reveal that gold stocks are not overbought and physical gold and silver is in neutral territory as it is already for weeks (attachment 2).

 

The KITCO Gold Survey shows that Wall Street is outright bullish for this week with nobody bearish. The graphic for Retail Investors (Main Street) has not been published due to technical problems (attachment 3).

 

Net Commitments of silver futures trades show large speculators added to their long positions and net commercial silver dealers increased their short positions. Yes, they have now expanded for three weeks but the outstanding positions are not at an extreme (attachment 4).

 

The gold hourly chart indicates gold had a good week as it closed on Friday in New York 4:00 p.m. at US$ 1'278 per ounce for a weekly gain of US$ 21 (attachment 5). Almost all the gain was due to a weak (relative to expectations) U. S. employment report last Friday (attachment 6).

 

The Arca Gold Bugs Index (HUI) (attachment 7) indicates that this index, which is composed mostly of larger gold stocks, lost 1.7% to 191.51 percent last week.

 

The 2-year HUI chart (attachment 8+9) shows that

gold stocks are still far away from a top in August 2016 when investors were extremely bullish and the index reached 286 points. HUI is now trading around 33% lower from that top. We remember that period very well because we were calling gold stocks at that time extremely overbought.

 

 

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