Bringing them to just over 30,000 contracts short, and then you can see a similar picture here in gold as they reduce their position by about 6,000 contracts, bringing them under the 200,000 contract mark. Well hello there my friends, Chris Marcus here with you for Arcadia Economics on Monday morning December 2nd. Hope everyone had a great Thanksgiving weekend. Amazing that we are rounding out 2024, although I did just want to make a quick video here updating you because there was some more short covering in both gold and silver over the past week and something we have been tracking here, so just wanted to make sure that you saw the update here and again we’re recording Monday where we see gold down in the futures 1881 at 2662, silver down 33 cents today at 3077, and here is the COT report that came out on Friday, and this covers the period up until November 19th, and you can see the banks, the swap dealers reducing that short position by another 3,000 contracts, bringing them to just over 30,000 contracts short, and then you can see a similar picture here in gold as they reduce their position by about 6,000 contracts, bringing them under the 200,000 contract mark, and you can see this chart here.

Here’s the blue line, this is over the past let’s call that 16-17 years, and the blue the lower it goes the more short the banks are, and you can see back in September they set the all-time record for the largest bank short position in gold at just under 260,000 contracts, and again we are now down to 192,000 contracts short, so certainly been quite a reduction there. Similar picture in silver where if we look here this line is the bank short position which got up to about 44,000 contracts this summer, a little bit short of the 2016 record which was 49,600 contracts short by the banks in 2016, although again you can see back to 30,000 contracts short, so a significant reduction there.

Again will the banks get back to flat? They have at times, you can see if you go back here that this shows that there have been times where the banks have even gotten long, still a ways off from that, although one last note before we wrap up here, you can see that over the period here is from the 12th and 19th, so gold about 2600 on the 12th, and actually a little higher on the 19th, so often we see when the prices come down a lot of short covering here, gold price slightly higher over the week, silver about flat depending on your market.

Here we are in the 12th, right around $31 and on the 19th just about a little bit higher $31.20, so as the prices of both metals rose we did see some short covering throughout that and just something we’ll keep an eye on certainly as we are set for what is lining up to be a significant period of change, whether people agree or disagree with what Trump is doing, perhaps one of the more significant periods of change that I remember expecting in the last couple of decades, so we will see how that goes, but hit the subscribe button and we’ll keep you posted, leave a comment or share it if you enjoyed this video and would like to see other people getting some of this information, so with that said going to wrap up, but we will be back with Vince and his morning show tomorrow at 9am and my two shows this week will be at 8pm as we have a special prime time guest, so hope your week’s off to a great start, hope you had a great Thanksgiving, appreciate you being here and I will see you again soon.

Bye!
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