50-Year Veteran – What’s Next After Massive Gold & Silver Shorting By Bullion Banks
KingWorldNews.com
May 12, 2016
With the war in the gold and silver markets continuing to rage, today a 50-year market veteran discussed what’s next after massive shorting by commercial hedgers and bullion banks.
John Embry: “I can’t say that I’m terribly surprised by what is happening to gold and silver prices this week given the remarkable build in the open interest on the Comex and the staggering level of the commercial — i.e. bullion banks’ — short positions…
As gold and silver have reversed course this year and are in the early stages of a historical bull market, a fact confirmed by the dramatic gains in the HUI Index since January, the usual suspects have gone all-in to stop the advance.
Bullion Banks Shorting Staggering Amounts Of Paper Gold
If gold and silver had blown through $1,300 and $18 respectively last week, it would have attracted considerable interest and much more buying. To prevent this from happening, the bullion banks have shorted staggering quantities of gold and silver in the last couple of weeks.
The most recent COT (Commitment of Traders Report) showed an increase of 50,000 contracts in the commercial gold short position in just one week. And this shorting has continued unabated through today. The amount of gold being shorted on the Comex alone dwarfs the physical production of gold.
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