from King World News
With gold breaking $1,700 and silver nearing the $33 level, today King World News spoke with acclaimed trader Dan Norcini to get his take on where we are in the gold and silver markets after this latest move. Norcini was quick to lay out the position of the hedge funds in both of these markets as they are seen as a key driver.
Here is what the acclaimed trader had to say about the gold market: “The record net short commercial position in gold, including options, has been 237,000 contracts. Currently the commercials are at 161,000 contracts net short. But the key here is that the hedge fund position is still relatively low by historic standards.
So there is still significant room for the hedge funds to push this gold market higher….