“The net speculative position decreased by around 9,000 contracts in silver. At a negative 47,000 net-long position, silver speculators are the most bearish on silver in the report’s history.”
“The central bank of India bought gold for its reserves for the first time in a decade and the Mongolian central bank recently disclosed it purchased 12 tonnes so far in 2018 and it wishes to buy around 22 tonnes for the year. As large buyers of gold, central banks should comfort those investors holding gold longs….Additionally, we think investors with a stomach for volatility should consider trading ETF positions for gold and silver miners in anticipation of the leverage they would provide with a gold market reversal.”
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