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No Buyers For Gold And Silver

Commentaries & Views

The patterns in both gold and silver continue to show no buyers, and the lack of interest in the metals is reaching epic proportions. Every rally attempt has been met by a battering ram as sellers relentlessly sell, as witnessed by Monday’s beat-down. It almost feels like there is no hope.

Alas gold and silver bulls, it appears the selling could be nearing an end. We can’t predict with exact certainty when the selling will be over, but there are signs that the end is near. We have seen the running of the bulls but in the metals; we are seeing the frustration of the bulls.

Here are a couple of things to watch. As long as investors try to pick the bottom, it will not appear. The smart money commercials have their smallest short position in years, while dumb money commercials have their biggest short position in decades. Both are signs a bottom is coming. The only question is when. As of now, we will wait for $1,180.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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