As I said in previous reports, it seems that the traders holding long positions in gold and silver (as shown in last week’s commitment of traders reports) show, that they are content with their long positions.
This past week an increase of 2000 contracts in the gold market and a small decline in Silver of 4000 contracts. The numbers now show traders holding 193,000 long contracts in Gold and 60,000 long contracts in silver.
CBOE VIX index on the uptick today breaking thru the 10 level showing some life in the near-term for increased volatility in the equity markets. Subsequently the price of gold seems to be following that lead.
Levels to watch in gold are at the $1,290 area on the upside and $1,261 on the down side. Silver on the upside $ 17.32 on the upside on $ 16.48 on the downside.
Have a wonderful Wednesday
Disclaimer: This editorial has been prepared by Walter Pehowich of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice and cannot be attributable to Dillon Gage. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand and accept this disclaimer.