Good afternoon. We are 48 hrs from launching www.silvergoldsilver.com (I think). I thank all those who have donated to the cause and thank those that are about to donate as well. As the new site moves forward, it will evolve into many spheres. Especially, the forums, in which I am going to extend the topic list to more touchy subjects if people get bored of silver and gold on some days and would like to just vent it out on another subject.
There has been some confusion as of late regarding the VIP tab. The VIP tab will not be functional on launch. That will be for a month down the road, and the information there will be privileged info that will be paid for such as a newsletter, video's, picks, etc. Paying subscribers will gain an edge before its release to the public a few days or weeks later. Were talking a very minor payment if you want to be a part of the VIP such as $5-10 a month, or something along those poverty lines. The money will be used to maintain the site.
If you do not choose to be a part of the VIP, the blog, forums and chat will still be available for free. So no worries. People thought the entire site was pay only, THIS IS NOT THE CASE.
Cot Report: Tuesday Sept 6th-13th Only, does not include this past Wed-Fri.
The Large Specs were caught long earlier and when the chart double topped so to speak they started pitching longs and taking provide to the tune of a massive 13,062 contracts. They also decided to add 2,462 short.
The large commercials did the very opposite: They added 9,351 long and covered 7,895 contracts on the plunge again albeit.
Remember this is as of Tuesday the 13th. So Fridays rally was not included in this, and it seems like someone got squeezed like a sour grape in the last 3 hours of trading.
The large specs, again, did the opposite of the commercials: They sold off 597 longs and ADDED 323 short. I am assuming they covered the majority of these on Friday.
The commercials ADDED 1288 long! and Covered 631! Ha! Seems like Fridays late day rally benefited the bankers, and the larger specs got slammed.
For those thinking silver is going to roll over and head back to $12/oz...well, I'm not seeing that in this COT. In fact, being so close to the trend line, I was expecting a massive increase in the commercial shorts. It was the opposite, which tells me, that we are still in a bullish sentiment for BOTH metals. Add in the fact, that the comex deliveries are non existent, is evident of the shortage of commercial grade metal still. They painted the chart, and shorts got killed on Friday.
The week approaching is particularly important as we have a 2 day FOMC meeting, and Thursday is Comex Options expiry. So lets play out some scenarios.
1. The Ben Bernank says some sort of print hint, or print itself or twist, or whatever. The PM's should explode to the upside along with the Bank stocks. Those that have shorted the PM's for options expiry beatdown will be squeezed like lemons, seeds and all. This will pave the way for $50-75 silver and $2200-$2500 Gold by New Years Day.
2. The Ben Bernank baulks, and says he can wait for some more printing. Markets literally implodes, Gold retraces to its MA, no idea what silver does, Euro region literally catches on fire and the 2009 lows will be welcomed with at least 2 major EU banks failures, and the secession of Greece by New Years Day. After Greece leaves, the domino effect will be catastrophic. I dont care to paint that picture.
3. The Ben Bernank paints a rosy picture, no markets buy it, but no markets sell it. Non Event.
So position yourself accordingly to YOUR plan, keep buying the phyzz, and pray for the printing presses-its the path of least resistance for all markets right now.
I have already done a phone interview with an expert on the metals market. This will be available when the site is launched as an introductory series.
Have a great weekend. Keep your head up. Doesnt matter if we go up or down from here, they cant even buy time anymore with fiat. Those times are over. We will win.