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Gold/Mining/Energy : Silver prices
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To: RagTimeBand who wrote (342)12/26/1997 9:17:00 PM
From: Mark Bartlett  Read Replies (2) of 8010
 
Emory,

<<IMHO if their motiviation for taking a position isn't a hedge, it's possible it's a comment as to their feeling about a commodity being overbought or oversold. This is especially important if the number of contracts is large, when compared to historical levels.>>

_If I understood you correctly, this would suggest the commercials perceive an overbought situation and expect the price to fall - otherwise they would be still be net long, even (especially) if their commitments were not a hedge to offset company exposure.

I am not a futures/options trader, so please forgive me if my questions/thoughts are a little naive around this issue ... trying to learn from some of those more experienced here, in this regard.

Thanks for your comments and patience,

MB
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