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Gold And Silver Traders Reduce Long Positions Again

Tyler Durden's picture




 

From GoldCore

Gold And Silver Traders Reduce Long Positions Again

Today’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.
Friday’s AM fix was USD 1,577.00, EUR 1,204.18 and GBP 1,049.10per ounce.

Silver is trading at $28.91/oz, €22.32/oz and £19.50/oz. Platinum is trading at $1,600.75/oz, palladium at $772.00/oz and rhodium at $1,200/oz.

Gold was up $0.40 or 0.03% and closed Friday at $1,578.10/oz. Silver hit a high of $29.25 and finished +0.31%. For the week gold was up 0.16% and silver 1.33%.


Cross Currency Table – (Bloomberg)

Hedge-fund managers and other large speculators decreased their net-long position in New York gold and silver futures last week (week ended March 5), according to U.S. Commodity Futures Trading Commission (CFTC) data.


Gold, 5 Years – (Bloomberg)

Speculative long gold positions, or bets prices will rise, outnumbered short positions by 107,587 contracts on the Comex division of the New York Mercantile Exchange, the CFTC said. Net-long positions fell by 9,012 contracts, or 8%, from a week earlier. 

Gold futures rose last week, gaining 0.3%to $1,576.90 a troy ounce at Friday's close. 

Miners, producers, jewelers and other commercial users were net-short 133,798 contracts, down 3,822 contracts, or 3%, from the previous week. 


Silver, 5 Years – (Bloomberg)

Speculative long silver positions, or bets prices will rise, outnumbered short positions by 18,603 contracts on the Comex division of the New York Mercantile Exchange, the CFTC reported. Net-long positions fell by 3,134 contracts, or 14%, from a week earlier. 

Silver futures rose last week, gaining 1.6% to $28.95 a troy ounce at Friday's close. 

Miners, producers, jewelers and other commercial users were net-short 29,183 contracts, down 1,703 contracts, or 6%, from the previous week.

The poor sentiment in the gold and silver market and the continuing decline in net long positions on the COMEX is bullish from a contrarian perspective.

NEWS  

Gold inches down as US jobs data weighs - Reuters

Gold Advances for First Time in Three Days Amid China Concern - Bloomberg

Faber, Stock Market Rally ‘Will End Badly’ Buy Gold – Live Trading News

Gold Rises in Asia; Range Bound as Investors Await Cues – Wall Street Journal

COMMENTARY

Video: Faber Warns: ‘Market Has Peaked Out’ - Gold Is 25% Of Portfolio - CNBC

Video: Investors Say Silver Outshines Gold - Bloomberg

Palladium Bucks Precious Metal Trend - Hits 18-Month High – Zero Hedge

Gold And Silver Increased Odds For Rally - The Clock Is Ticking
– Market Oracle

 

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Mon, 03/11/2013 - 08:15 | 3318829 GetZeeGold
GetZeeGold's picture

 

 

It would be crazy to hold paper gold in this environment.....but it's just hard as hell to get physical.

Mon, 03/11/2013 - 08:18 | 3318834 espirit
espirit's picture

Looking to load the boat again if Ag reaches below 27.

Boating accidents are soooo unfortunate.

Mon, 03/11/2013 - 08:45 | 3318895 kill switch
kill switch's picture

 

And numerous

 

 

 

Chart showing boating accidents since 2008.

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08          09    10       11       12         13

 

 

Disturbing trend..

Mon, 03/11/2013 - 08:50 | 3318908 Thomas
Thomas's picture

As you highlight, anything can be plotted to go from the lower left to the upper right.

I can't help but notice that the TA chart pattern of the descending triangle looked like it had broken to the upside (like I really give a shit about this) but then has retrenched. Let's see how it breaks this time.

Mon, 03/11/2013 - 10:14 | 3319110 flacon
flacon's picture

Speculative money leaving silver is bullish. Cover them shorts JP Morgan! 

 

And while I"m at it, Silver Wheaton is a screaming buy at these levels. March 22 earnings... 

Mon, 03/11/2013 - 14:15 | 3319839 Lore
Lore's picture

It is a great company

We Expect to be at 53 Million Ounces per Year by 2017: Silver Wheaton CEO (11-Mar)

Fund managers are throwing out the baby with the bathwater to meet redemptions. No idea when real producers of real things will be rewarded in this market.

If central bankers could just be REMOVED somehow, so markets might finally get a chance to heal...

Mon, 03/11/2013 - 09:41 | 3319036 petolo
petolo's picture

Who the hell would down-vote boating accidents? Boating Accidents Anonymous .

Mon, 03/11/2013 - 12:51 | 3319524 Jonas Parker
Jonas Parker's picture

Who the hell would down-vote boating accidents? Boating Accidents Anonymous .

 

The US Coast Guard maybe?

Mon, 03/11/2013 - 10:13 | 3319109 Long-John-Silver
Long-John-Silver's picture

Even more disturbing is the fact it also mirrors Firearm and Ammunition sales.

Tue, 03/12/2013 - 07:00 | 3321780 e-recep
e-recep's picture

nice idea but man, how hard can it be to insert a picture in there?

Mon, 03/11/2013 - 08:19 | 3318836 Sudden Debt
Sudden Debt's picture

why would you think that?

 

Mon, 03/11/2013 - 08:24 | 3318848 GetZeeGold
GetZeeGold's picture

 

 

Have you ever tried to take delivery? Pictures or it didn't happen.

Mon, 03/11/2013 - 08:34 | 3318866 Sudden Debt
Sudden Debt's picture

Yes, every month. Never had a problem.

Maximum I had to wait was 2 weeks.

Mon, 03/11/2013 - 08:42 | 3318869 GetZeeGold
GetZeeGold's picture

 

 

Pictures? You do realize I'm talking Comex contracts right?

Mon, 03/11/2013 - 09:34 | 3319011 MassDecep
MassDecep's picture

Delivery

3-4 weeks gainesville.

1.5 months silver docters

Mon, 03/11/2013 - 09:40 | 3319028 Ignorance is bliss
Ignorance is bliss's picture

I bought and paid with CC an order at Gainesville on Feb 25th. No delivery yet. (March 11)

Mon, 03/11/2013 - 10:47 | 3319208 Captain Benny
Captain Benny's picture

Silver Doctors has been immediate for me,  once payment clears it has shipped within a day for the last few orders.

Mon, 03/11/2013 - 11:53 | 3319372 DosZap
DosZap's picture

Delivery

3-4 weeks gainesville.

1.5 months silver docters

 

USING wrong dealers.

Mon, 03/11/2013 - 11:10 | 3319254 ParkAveFlasher
ParkAveFlasher's picture

COMEX handles institutional trade and investment in 100x larger contracts then little stackers like me, I believe that's GZG's point. 

Mon, 03/11/2013 - 08:54 | 3318917 Svendblaaskaeg
Svendblaaskaeg's picture

Day to day delivery here (Denmark) if ordered before noon

Mon, 03/11/2013 - 08:20 | 3318840 Dan The Man
Dan The Man's picture

Its not that hard.  Order it online. pay the extra for shipping/insurance and get it over with.  I used to sweat the extra costs but that upswing after 2007 swamped them all.  No complaints anymore.  The added costs are irrelevant to me. Just get the GD gold !

Mon, 03/11/2013 - 08:21 | 3318844 Ghordius
Ghordius's picture

not here in europe. in Italy alone you find 30'000 shops that buy. and of course also sell, something that is more important for me. that's roughly one shop per 2'000 inhabitants, comparable to have one in every US shopping mall

Mon, 03/11/2013 - 08:45 | 3318893 TrumpXVI
TrumpXVI's picture

I have never had any problem taking delivery.  My current broker needs ten business days, part of that is for my check to clear.  They do insist on the full ten days if I'm taking delivery of silver.  There are also availability issues with particular gold coins, but so far, never with Eagles.

Mon, 03/11/2013 - 11:09 | 3319253 TrumpXVI
TrumpXVI's picture

Still no problem.  I just placed an order a couple of minutes ago for three .5 Eagles, one .1 Eagle and 40 1oz Silver Eagles (<$4,000).

I also just got done with a call to Blanchard and Company.  They are good to go on supply, too.  But their premiums are pretty high.

Mon, 03/11/2013 - 09:23 | 3318985 San Diego Gold Bug
San Diego Gold Bug's picture

It is NOT hard to get physical gold or silver right now!  Only 90% junk is in short supply with higher than normal premiums.  ASE's are back at normal premiums with plenty of them available.  Silver Maples are slightly delayed but premiums are again back at normal levels.  The demand is still above average from our customers but it has slowed a bit in the last week.  Keep stackin at these levels!!  

Mark Lonneker

President

Libertycpm.com

Mon, 03/11/2013 - 12:01 | 3319398 IrritableBowels
IrritableBowels's picture

I buy libertads.  No ugly hag or American currency affiliation.  If you're not buying 2013's (two thousands) or 2012's (two hundreds), the APMEX inventories are either "out of stock/alert me" or are in the single to double digits.

Mon, 03/11/2013 - 08:16 | 3318830 AlphaDawg
AlphaDawg's picture

gold and silver markets are so fucking small that they are controlled, like stox, and US/UK bonds........also PIIGS bonds (re: OMT)

 

just buy gold and forget about the fucking price, it doesnt matter.

 

The lower the fucking better

Mon, 03/11/2013 - 08:20 | 3318841 AlphaDawg
AlphaDawg's picture

1) short the yen

2) buy gold with the profits

its hardly fuckin rocket science?!

Mon, 03/11/2013 - 09:45 | 3319042 TheSilverJournal
TheSilverJournal's picture

That will work great...until it doesn't. The dollar will beat the Yen in the race to the bottom. Japan started its fall as a huge exporter and even bigger savings rate, whereas the US is starting its fall from having a huge trading deficit and a horendous savings rate. In the end (which is very soon), the US hits the ground first.

I would say:

1) buy silver

2) buy food

3) buy guns

4) have a few places to go if fiat collapses and the real socialist squeeze gets put on the US, making it impossible to ever pull through and in which case the US would disappear from the earth as government tries to answer the desperate cries of the people to "help" and the more the government tries to help and be seen as the savior, the more the nation will be driven into a desolate land because the only thing the government can really do to help is to get out of the way

 

Mon, 03/11/2013 - 16:26 | 3320434 JohnGaltsChild
JohnGaltsChild's picture

3.5) buy ammo

Mon, 03/11/2013 - 08:18 | 3318833 Ghordius
Ghordius's picture

it's shopping season. either two weeks or two months or two years of it. and typical of gold & silver, who can only be held successfully by strong hands - i.e. only by people utterly unfazed by the "current price"

Mon, 03/11/2013 - 09:25 | 3318991 W74
W74's picture

I'm not holding gold and silver to trade them at 2K and $50 per oz.  I'm holding to trade at 10K and $300/oz when that'll be the value of goods once stocked on the grocery store shelves. 

If they go down to $800 and $15 an ounce then I"ll just buy more.  UN-fazed spot on.  I'm not using the money anyway and I'm frugal in other areas, buying Au/Ag  is purely a survival tactic in my eyes.

Mon, 03/11/2013 - 11:23 | 3319265 Anasteus
Anasteus's picture

It couldn't be written better, W74.

However, you still can be rewarded during fat years, ...thanks to the inflation.

Mon, 03/11/2013 - 08:22 | 3318842 Charles Nelson ...
Charles Nelson Reilly's picture

I love how according to Bloomberg, Marketwatch & CNBS its always someone else (Europe, China, Japan etc.) that has "economic concerns". Message is, nothing to worry about here in the good old USA, just buy stocks you fucktards.

Mon, 03/11/2013 - 08:23 | 3318846 AlphaDawg
AlphaDawg's picture

right on bro

now shut up! and buy some fucking stox

Mon, 03/11/2013 - 08:23 | 3318847 Hannibal
Hannibal's picture

Just stack 10 oz (physical) silver bars and forget about it.

Mon, 03/11/2013 - 08:28 | 3318855 NoWayJose
NoWayJose's picture

When we see a report like this I wonder if it will be followed up with comments like 'money on the sidelines' or 'we will see a great rotation out if bonds into gold'.

Mon, 03/11/2013 - 08:30 | 3318859 fonzannoon
fonzannoon's picture

it is still funny watching goldcore squirm.

Mon, 03/11/2013 - 08:34 | 3318867 Doode
Doode's picture

Zerohedge becomes the very entity it relentlessly mocks - like Goldman Sachs that pitches trades right before they blow up so does Zerohedge pitch gold and silver right before they blow up. Watch out! And of course - at some point in the future these things will go up - the same applies to GS trades btw. Every trade will work - at some point!

Mon, 03/11/2013 - 08:52 | 3318906 GetZeeGold
GetZeeGold's picture

 

 

Grab a 10 year gold chart and a paper bag and relax.

 

When was the last time CNBC or GS recommended physical gold?

 

Now go grab a 10 year US debt level chart.

Mon, 03/11/2013 - 08:56 | 3318921 edifice
edifice's picture

What's funny about that... I did a presentation on US Debt not long ago, overlaying Gross Federal Debt with BASE money and gold spot, since 1975.  Gold is this tiny blip, whilst gross federal debt is in an exponential curve upward.

Hell, gold isn't even covering BASE money supply, at this point.

Mon, 03/11/2013 - 08:59 | 3318930 GetZeeGold
GetZeeGold's picture

 

 

My guess it will make it up.....all of a sudden. Trying to chase it will be futile.

Mon, 03/11/2013 - 09:53 | 3319058 Doode
Doode's picture

Reread my comment to understand what I said.

Mon, 03/11/2013 - 08:37 | 3318872 JustObserving
JustObserving's picture

Price discovery in US "markets" is what Bernanke wants it to be.  Never try to make sense of manipulated markets.  

Mon, 03/11/2013 - 08:44 | 3318891 apberusdisvet
apberusdisvet's picture

Let's see: 

Miners getting crushed by costs; margin compression

Marginal projects being shelved left and right

Average Ore grades mined today are 10% of those mined just a decade ago

It is hard to imagine that future global production will increase; rather in 5 to 7 years, it could be less than half of what we have today.

Combine that with the strong possibility of resource nationalism in producing countries (already evident in the no export policy of Russia and China, et al), and the amount of PMs available to any free market that still exists will be significantly diminished.

KEEP STACKING

 

 

 

 

Mon, 03/11/2013 - 11:36 | 3319319 Anasteus
Mon, 03/11/2013 - 08:56 | 3318920 goldbear1974
goldbear1974's picture

Big pot of Honey sitting at 1470.  1445 possible by Friday.  Will Hi-speed robots get it before hungry bears?  April 1500 puts a steal at 2.10.  Will sell 92.00-98.00,or friday 3/15/2013

Mon, 03/11/2013 - 09:03 | 3318943 Broomer
Broomer's picture

I always see people complaining about premiums and shipping.

"I can't get COMEX prices anywhere".

If you take delivery from COMEX, their London fiends and the likes, this will not be the price.

Transport using armored cars is expensive. There goes the "cheap COMEX price".

If you don't care about the form of your PMs you can get lower prices. The liquidity you get from the coins costs a price.

Generally you will do well with any of the government mint coins.

Personally I would not advise anyone to directly trade with gold and silver. It's better to cash them out from a coin shop. It can be very dangerous to appear at a public market buying things with PMs.

Americans may get the so called junk silver to trade. That probably is fine, it is more discrete. Gold has limited utility for this function. Those yellow coins now are worth some 200 USD and they would draw a lot of attention. Not good for small purchases anyway.

Mon, 03/11/2013 - 09:43 | 3319038 MFLTucson
MFLTucson's picture

You need to better understand paper markest before you add any new comments.

Mon, 03/11/2013 - 09:41 | 3319031 MFLTucson
MFLTucson's picture

Hedge-fund managers and other large speculators decreased their net-long position in New York gold and silver futures last week (week ended March 5), according to U.S. Commodity Futures Trading Commission (CFTC) data.

 

 

Did JP Morgan get some more insider news from Bernanke (they conveniently and illegally passed on to their Jewish comrades) about his next assault on real money as he pushes the Dow to the most ridiculous height in history?  The US markets (all of the markets) have become a cesspool of lies and corruption. No way to meet physical demand so why not kick prices down while these Jewish thief’s steal from the taxpayers?

 

Mon, 03/11/2013 - 09:47 | 3319045 Ignorance is bliss
Ignorance is bliss's picture

www.sgtreport.com has a mind boggling interview. I don't know if its true, but if the allegations against Barrick and their inability to produce at Pascua Lima are true then there could be global ramifications for Gold and Silver.

 

EXCLUSIVE: David VS Goliath – Shocking Claims Against Barrick Gold

 

Mon, 03/11/2013 - 10:27 | 3319149 Quinvarius
Quinvarius's picture

My thesis is bullish.

Mon, 03/11/2013 - 10:53 | 3319222 Quinvarius
Quinvarius's picture

Down votes only make me more right.  You have no business managing money if you are not a gold buyer here.  But most people don't have any business doing that.  SO it is to be expected.  The gold bull will not take any clowns along for the ride.

Mon, 03/11/2013 - 10:34 | 3319177 Crash Overide
Crash Overide's picture

Don't really care about charts or market conditions, buy and hold. 

Mon, 03/11/2013 - 10:39 | 3319190 goldbear1974
goldbear1974's picture

Market Profile says value is at 1450

Tue, 03/12/2013 - 01:47 | 3321614 MeelionDollerBogus
MeelionDollerBogus's picture

Even more value at 1000. Even MORE value at 500.

Too bad the price isn’t going there.

About the best you could do is to use GLD puts & calls on volatility to reduce the over-all holding cost of the ounces you actually have. Other than that, these prices you expect are flat out impossible.

Mon, 03/11/2013 - 11:12 | 3319261 goldbear1974
goldbear1974's picture

This is the time and price to buy Swiss Francs.  That is where the value is.  Not in stocks,bonds,or gold.  When money comes out of stocks,bonds,and gold, it will go into swiss francs.  1.35 target from current 1.0538...within 2 years.  A good candidate for pyramiding.

Mon, 03/11/2013 - 13:17 | 3319596 orangegeek
orangegeek's picture

February monthly gold.  Looks a lot more bearish than bullish.

 

http://bullandbearmash.com/chart/monthly-gold-falls-5-wave-3-started/

 

Not a popular opinion for many.

Mon, 03/11/2013 - 16:40 | 3320520 Yardfarmer
Yardfarmer's picture

.223 is a helluva lot more valuable for some of us and infinitely harder to find than silver or gold. it is simply unavailable and any rounds in your possession are rising in value exponentially not only monetarily but more importantly logistically as well. and most  of the other ammo is going to rapidly follow suit. the interdiction of ammo is the first wave of real gun control.at least supply and demand still have something to say in that market on the other hand and incidentally, the small coin dealers are charging huge premiums for purchases and gouging you for a "reverse premium" for anything you sell.they are going to be out of business soon as the internet is now the only way to achieve even a semblance of value for your coins. hopefully, you are in a position to hold with cash liquidity. that will soon change too apparently as TPTB want to squeeze the goldbugs until they bleed. with the breakdown in the futures markets well underway and Au and Ag in backwardization you can expect the market to remain frozen, chopping sideways for some time to come. meanwhile, the big gold writers who have got it so wrong for so long like Mr. Gold Sinclair are crowing louder and louder about exponential runups in Au/Ag with $1000 a day swings on the COMEX. laughable and pathetic. don't hold your breath but hold on to your gold.

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