CFTC COT whipsaw
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The June 20th report had the wise guys throwing in the bull towel. They gave up 40,000 long gold contracts. The commercials swung a 38,000 net to the long side on gold. Joe public
remains at 60% long. Open interest declined a good bit by 26,000 contracts. Looking at the moving average and that beautiful stochastic set up on the dailies, the commercials seem to have caught the
turn. While sponsorship is crucial in pushing gold higher, many times they puke at the intermediate tops and bottoms.
The COT report revealed big fund selling into June 16th. Commercials have supported the price in the 1240's. FACTORING Newmonts and Barricks all in cost of around 1,200$, I don't see much downside for gold here. Russia bought 22 tons on the last report. China is reporting small increases but we think most is hidden. China needs a good bit more physical. China controlling a fairly large percentage of Bitcoin miners. They are supporting the Bitcoin price, but I think it can and will get away from them in a panic. I mean what would you rather hold? An ounce of physical gold at 1,250 or a Bitcoin at $2,700.00 that was $950 three months ago?
Kramer on CNBC trumpets that Bitcoin can go to a Million$$$. All in for the greater fools. The exchanges sic. I've looked at are far from robust. Kraken won't even approve my account, coinbase looks weak. How different is Mt. Gox than some of these players? Tales of the teenage Bitcoin Millionaires. (please) I am looking for Bitcoin to trade to $1,724.00.
Gold should be on the path to test 1,294 again. if this can hold then 1,304 is next. Silver has good play also and last week looked like a turn to me. The commodity funds sold 13,000 net silver futures and the commercials added 13,000 net longs. Feels like a turn. Target is 17.72.
stay long gold and silver
remains at 60% long. Open interest declined a good bit by 26,000 contracts. Looking at the moving average and that beautiful stochastic set up on the dailies, the commercials seem to have caught the
turn. While sponsorship is crucial in pushing gold higher, many times they puke at the intermediate tops and bottoms.
The COT report revealed big fund selling into June 16th. Commercials have supported the price in the 1240's. FACTORING Newmonts and Barricks all in cost of around 1,200$, I don't see much downside for gold here. Russia bought 22 tons on the last report. China is reporting small increases but we think most is hidden. China needs a good bit more physical. China controlling a fairly large percentage of Bitcoin miners. They are supporting the Bitcoin price, but I think it can and will get away from them in a panic. I mean what would you rather hold? An ounce of physical gold at 1,250 or a Bitcoin at $2,700.00 that was $950 three months ago?
Kramer on CNBC trumpets that Bitcoin can go to a Million$$$. All in for the greater fools. The exchanges sic. I've looked at are far from robust. Kraken won't even approve my account, coinbase looks weak. How different is Mt. Gox than some of these players? Tales of the teenage Bitcoin Millionaires. (please) I am looking for Bitcoin to trade to $1,724.00.
Gold should be on the path to test 1,294 again. if this can hold then 1,304 is next. Silver has good play also and last week looked like a turn to me. The commodity funds sold 13,000 net silver futures and the commercials added 13,000 net longs. Feels like a turn. Target is 17.72.
stay long gold and silver
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stay longbitcoin and ethereum selling off
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