#VinceLanci: #Silver COT Shows Funds Selling & Banks Covering Shorts
With the end of the summer rapidly approaching, Vince Lanci takes a look today at the seasonal flows in the silver market, and the impact of the recent CTA selling in the sect…
#VinceLanci: #Silver COT Shows Funds Selling & Banks Covering Shorts
With the end of the summer rapidly approaching, Vince Lanci takes a look today at the seasonal flows in the silver market, and the impact of the recent CTA selling in the sector that has pushed silver towards the lower end of its range for 2023.
Of course, most silver investors remember last year's selloff quite clearly, which left the silver price below $18 by the end of August before rallying throughout the end of the year up to the $24 level. We're seeing a similar selloff this summer, although not quite to the same levels as last year, and Vince talks about the drivers and seasonal factors at play right now that are impacting the price.
He also talks about the latest changes in the CFTC's COT report, which showed the funds selling contracts over the past week, and the banks covering short positions. With the bank short covering traditionally being one of the more reliable signs that the brunt of the selloff has been completed, which could signal that the bottom of the current cycle is in.
So to get an in-depth understanding of the short and medium-term trends that are currently driving the silver market, click to watch this video now!
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