No Buyers For Gold And Silver
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.