By John Rubino – Re-Blogged From Dollar Collapse
Friday’s commitment of traders (COT) report for gold and silver offered more of the same. Which is to say the gold futures action was boring and the silver action was strange and exciting.
Starting with gold, the large speculators – who, remember, tend to be wrong at big turning points – got a little less optimistic, while commercials – who tend to be right at big turning points – did the opposite. But both groups are still in unfavorable territory, with the speculators too long and the commercials too short. Looked at in a vacuum this is not good short-term news for gold.