Egg on the face over the employment report, the Conspiracy Theorist in me suggest it was orchestrated by the FED to allow the banksters to reduce their short positions more. Here is the COT position for gold and silver last Tuesday for the Commercials only, with a fortnight ago on the 21 May. Both gold and silver overall positions have been reduced.
21/5 Gold Long 216,616 Short 503,822 Silver Long 68,622 Short 147,782
5/6 Gold Long 160,121 Short 433,685 Silver Long 56,831 Short 134,137
Looking at Friday's action suggests to me that more of their short positions have been closed. My conjecture is that the FED is now aware that in June, probably late, the BRICS's will announce a gold backed currency.
IVR Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
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