Gold/Silver Update
The interesting event for this week is to be found at COMEX gold and silver. Registered gold is still hanging at lows. The result is that leverage is still at record highs. As gold is difficult to come by (especially when everyone is going to repatriate their gold), they turn to silver. Registered silver stock is seeing a trend change to the downside too. This results into the same leverage build-up. On the managed money short side, the picture in gold is stable. But for silver, the managed money funds are getting scarily long, which indicates that there will be a contrarian correction in silver to the downside. On the premium side, we are seeing that they are dropping. It seems that nobody is interested in precious metals in the U.S. This is visible in U.S. Mint sales, which are going nowhere but down. Except for the Chinese, where silver premiums are still rising. Even though the silver inventories this week at Shanghai are rising to a record 350 tonnes (from a low of 90 to