search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
 TECHNICALLY Compared to gold, silver could be considered fundamentally and technically undervalued, having recently reached its cheapest level relative to gold since April 2016. It should also be noted that the speculative crowd has all but vacated the long side of silver. A recent COT futures and options report showed that as of March 20th non-commercial and non-reportable traders were holding their smallest net long position since the COT started compiling the data. The reports also showed silver managed money traders were holding a record net short position of 35,172 contracts. This suggests that bearish sentiment could be reaching a zenith.


Open interest surged 26,992 contacts (14.1%) in just 15 trading sessions in late March, as funds built their net short positions. It might not take much of a rally to force those traders out. The resulting stop loss buying could catapult prices back toward the 2018 highs above $17.75.


Chart 1: Weekly Nearby Gold/Silver Price Ratio Spread 85 83 81 79 77 75 73 71 69 67 65


Source: CFTC 


120,000 100,000 80,000 60,000 40,000 20,000 0


-20,000 -40,000 -60,000


Source: Bloomberg


David Hightower E: info@hightowerreport.com T: 001 312 786 4450


This report includes information from sources believed to be reliable and accurate  we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterisations of particular investors or traders; (ii) is not customised or personalised for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options can be substantial, and traders should carefully consider the  retransmission of this report without the express written consent of The Hightower Report is strictly prohibited.


Published on April 3, 2018


23 | ADMISI - The Ghost In The Machine | March/April 2018


Jan 16


Jan 10 May 10 Sep 10 Jan 11 May 11 Sep 11 Jan 12 May 12 Sep 12 Jan 13 May 13 Sep 13 Jan 14 May 14 Sep 14 Jan 15 May 15 Sep 15 Jan 16 May 16 Sep 16 Jan 17 May 17 Sep 17 Jan 18


Mar 16


May 16


Jul 16


Sep 16


Nov 16


Jan 17


Mar 17


May 17


Jul 17


Sep 17


Nov 17


Jan 18


Mar 18


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32