Incredibly Important Developments In Gold & Silver Markets
June 23, 2013
Today King World News is reporting on incredibly important developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini spoke with KWN about the action in both of these key markets and provided two tremendous charts. Below is what Norcini had to say in his interview.
Norcini has been stunningly accurate in his predictions of the movement in the gold and silver markets. Now the acclaimed trader discusses these incredibly important developments in both of these markets below:
Eric King: “I will hand it off to you on the COT (Commitment of Traders Report). Dan, you can give out the numbers there, but I told you I thought there was a 50,000 contract shift by the commercials (this week, which will be reported in next week’s COT report). So they should (now) be net long (gold) 30,000 to 35,000 contracts. I told you I thought it was (the year) 2001 since they had been long. You went and checked the history and indeed it was.”
Norcini: “Yes (the commercials were last long gold in 2001). We don’t have the detailed breakdown to data that far (back), that we do since they revised it going back to 2006, but nonetheless we can get a pretty good insight into who was positioned where.
Of course gold was in a bear market for 20 years before it was turning, but when you look at the positioning of speculators, they had been driving that market down. The funds were short and the commercials were long (back in 2001) (see chart below).