Commodities Buzz: Gold Speculators Continue Reduction in Long Positions

The latest Commitment of Traders (COT) report showed gold speculators continue their reduction in their long positions as they cut back for the third straight week. Speculative gold shorts also joined the action as they cut their own positions by 11,000 contracts. In silver, which has been our most attractive precious metal, we saw longs increase their net position by 4,000 contracts on the week. But despite this, silver speculators are still net-short by around 20,000 contracts – extremely high by historical standards and why we still are bullish silver.