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Gold/Mining/Energy : Precious and Base Metal Investing

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To: russwinter who started this subject	5/26/2003 1:09:38 PM
From: Canuck Dave	Read Replies (2) of 39344

INFORMATION REQUEST Someone posted a chart of the long term commercial shorts on precious metals a few weeks ago. I can't find the post, and would like to see them again. Even the usually reliable google has failed me. Here's what I'm after. I want to see how short the commercials were when gold finally hit bottom 2 1/2 years ago. I suspect it's quite large. My theory is that the commercials will stay with a trade as long as possible until it turns. rather than being "right on the turns", I think they may just pile on a trend. I realize that hedging by the big producers will cloud the issue for gold somewhat. I want to apply the same logic to silver. If you look at a long term plot of silver versus the Euro, I think hedge funds may have been shorting silver and then shorting the Dollar leaving them net short silver versus the Euro. A winning strategy until it doesn't work any more. In any event, silver is in a grinding bear market versus the Euro. A sign the theory may be right is if silver spikes versus the Euro or commercials start covering even if silver doesn't move when the US dollar rallies. Need to see those long term short interests though. CD

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