Will bearish sentiment in gold and silver actually offer an opportunity in silver?
Though gold has fallen 7% since April 15, silver has really taken it on the chin. The shiny metal is down 16% since mid-April.
But, here’s a fun statistic: According to the US Commodities Futures Trading Commission (CFTC), “managed money” – hedge funds and the like – increased their net long position from May 28 to June 4 by nearly 6.3 million ounces. Based on today’s prices, that comes out to more than $136 million.
[For those keeping score on gold: During the same week, net longs increased a little more than 655,000 ounces or about $904.5 million based on today's prices. Gold moved up 0.3% that week.]
Silver is moving closer to the $21 per ounce price. Is it headed down further or will it finally turn the corner?
We ask Talking Numbers contributors Steve Cortes, Founder of Veracruz TJM, and Richard Ross, Global Technical Strategist at Auerbach Grayson, whether there’s a sliver of hope for silver.
To see Cortes and Ross analyze silver, watch the video above.
Be sure to visit Talking Numbers on Friday as we interview the Commodities King, Dennis Gartman, on how he’s trading the gold market.
NEW! Talking Numbers Technicals Tutorials here:http://finance.yahoo.com/video/playlist/talking-numbers/