Silver has broken its downtrend line
COT data show that the commercial traders have closed a significant fraction of their net short position. The commercial traders short/long ratio is 1.74. I would prefer it to be closer to 1.5 but it may be there when Fridays report comes out. The large speculators have mostly capitulated. I went long one silver future this AM and will open a half position in SIL in my 401k.
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