“Prices remained close to the highest levels since the December 20 lows — and the rise in gold and silver prices can hardly be called surprising given the extremely bullish COT market structure in place at the previous price lows. More surprising, however, is that while gold and silver advanced in a similar manner price wise, their respective market structures in COMEX futures positioning now differ radically. In a nutshell, since the most recent price lows, the COMEX silver market structure has deteriorated markedly, while gold’s market structure hasn’t indicated the slightest amount of managed money buying or commercial selling.”
“I can faintly recall instances in the past where the market structures in gold and silver parted ways temporarily, but none quite like now. The disparity in market structures currently is the thing I think about most. The just-released COT report underscored the disparity in spades and has to be considered the highlight for the week.
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