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Struggling to dissect contracting Commitments
Sun Sep28 (NY) - by Anatoly Veltman - Chief Global Analyst - In Gold: our suspicions, based on decline in Open Interest - proved right. The jump $780 ->$891 was entirely on Spec short-covering, while Commercials liquidated longs. This is not the hallmark of flight-to-safety circa 79'-80'. On the other side of the coin, Silver commitments relatively improved: Commercials unexpectedly covered some shorts during jump $10.52->$13.17, while Specs covered some longs. Open interest gains in Platinum Group Metals (PGM) proved not of bullish make-up: Commercials duly shorted the rally. Note: both PGM already slid nearly 10% in 3 days since the report! . . . (to read the remainder of this article, please log in below.)
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