Last week the price of silver was go down as well as up, and even worse, that it drops a lot faster than it goes up. It seems that the predicition of COT figures was inaccurate.
We were fooled last week by the bullish looking COT chart, but the COTs didn't save silver which plunged, bullish COT or not. The latest COT chart looks a lot less bullish than the one last week. This is because despite silver having fallen heavily for 2 days by last Monday's close, the Commercial short and Spec long positions had barely moved, and we would have expected them to decrease significantly if silver was set to reverse to the upside soon. So on the basis of these erratic indications, we are going to attatch somewhat less importance to the COT figures for silver going forward, especially after them being grossly misleading last weekend.
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