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Regarding the following and silver prices, any comments anyone?
Gold Mining Outlook by Steven Jon Kaplan Updated @ 2:25 p.m. EST, Wednesday, December 24, 1997.
The traders' commitments for these three metals as of December 16, 1997, released at 3:30 p.m. on December 19, 1997 were all improved
from two weeks earlier, in some cases markedly so. For COMEX silver futures, commercial insiders were long 12,720, short 68,586;
speculators long 49,495, short 7,764. This means that the commitments for silver remain extremely bearish, though they have improved
modestly compared with two weeks ago. Looking at NYMEX platinum futures, commercial insiders were long 7,941, short 6,642; with
speculators long 2,197, short 5,298, which is significantly bullish for platinum, compared with moderately bullish two weeks ago, and an
astonishing improvement from extremely bearish levels less than two months ago. For NYMEX palladium futures, commercial insiders were long
3,148, short 2,776; and speculators long 185, short 305. This is significantly bullish for palladium, compared with moderately bearish
two weeks earlier, a sharp turnaround. These commitments strongly imply that investors in white metals should be accumulating platinum
and palladium while selling silver, exactly the opposite of the current herd-following behavior. |
