Gold And Silver Traders Reduce Long Positions Again

By: GoldCore

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.

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Yours sincerely,
Mark O'Byrne
Exective Director

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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