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Strategies & Market Trends : Strictly: Drilling II
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To: jeffersonkeith who wrote (20167)10/11/2002 4:59:50 PM
From: jimsioi   of 36161
 
COT's show commercials covering in Silver

Significant this week in the COT report was the covering the commercials did in the Silver market. There they reduced their net short position by 10540 contracts down to a net 24,000 short. One would suspect that covering activity continued during the remained of the week not covered in the report but to show up next week. At the peak in Silver prices the commercials were more that 70K short.

In Gold commercials also covered, net, but only to the tune of 2650 contracts, remaining 76K short. Larger specs and small specs reduced long positions.

Couple more weeks of the type of activity seen in Silver and we'll approach a point of extreme, which in the case of Silver for the commercials would be anything near flat or net short 10K.

cftc.gov
jims101
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