GOLD & SILVER COT REPORT 3/22: COMMERCIALS COVER 15 MILLION OUNCES OF SILVER SHORTS!

MARCH 23, 2013

Gold & Silver COT Report 3/22/13:

Commercial longs added 3,085 contracts from their total and covered a total 101 shorts to end the week with 45.03% of all open interest, an increase of 0.09% in their share since last week, and now stand as a group at 132,195,000 ounces net short, which is a massive decrease of almost 15 million net short ounces from the previous week!

Large speculators added 70 longs and 3,127 more short contracts decreasing their net long position to 75,255,000 ounces, a decrease in their net long position of over 15 million ounces from the prior week.

Small speculators increased their long total by 434 contracts and covered a total 361 short contracts for a net long position of 56,940,000 ounces an increase of 365,000 ounces net long from the prior week.

It was a very quiet week in silver from a price perspective. But a very loud statement was made in total open interest in that the managed money of the large speculators is still very much willing to bet short, at least for the short term, while the commercials are quite willing to take the long side of that bet. Contrast in the opposing positions could not be more stark.