A Massive Gold Squeeze is Trapping the Swap Dealers

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We break down the futures trades by another level by looking at the COT (Commitment of Traders) reports in both gold and silver. This allows us to provide more granular detail on who is going long and short in the market. A massive short squeeze is being conducted by the Producer/Merchant category against the swap dealers (bullion banks). If this goes on much longer, the market has to break and we should see a healthy uptick in the price of gold. The short squeeze may have already started in silver as the swap dealers are dumping their short positions as fast as they can. While the longs are taking delivery of silver in July and are poised to do it again in September. Gold and silver could both fall to the downside between now and December, but it is highly unlikely, given the above trends, that both markets are not up sharply by the end of the year. We will continue to follow the markets and bring you updates twice per week.

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