Ira talks about global events pushing the gold market. He explores the possibilities, including Syria and Israel, but concludes it's ultimately all about China.
Gold and oil are still struggling as they were the weakest groups this past week. Will it last? Or will the broader market and the commodities trade places?
Gold buying by central banks surged to 60 tons in October, mainly led by the Reserve Bank of India (RBI), which added 27 tons of the precious metal to its reserves.
But once you add in the 29,381 contracts currently held short by Ted's raptors, the commercial net short position in gold works out to 62.0 percent of total open interest, up from the 57.7 percent they were short in the prior COT Report.
I think we'll be seeing some very hot action in a number of sectors, especially the silver and uranium stocks. The SIL ETF is particularly exciting right now.
