Positive Sign: Silver Short Positions Dropping

Positive Sign: Silver Short Positions Dropping

Prices and Charts

Change from last weeks gold and silver prices

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Not Much Change in NZD Gold

Gold in New Zealand dollars has not moved much in the past 7 days. Down just $6 to $3195. It remains above the 50 day moving average. So NZD gold continues to look strong. Still too early to say that the bottom is definitely in. We’ll need to see a clear break above $3300 before we can say that. So there still remains a chance of a dip down to the 200 day MA which is now clearly above the July low at $3050. Or even down to the bleu uptrend line around $3000.

While gold in USD was basically unchanged from a week ago. During the week it did dip down below $1900 but is just above that again now. So we could still see a further drop down to maybe $1875 or even $1850. But the odds favour the bottom being close to hand.

NZ Dollar Gold Chart


Silver Bounces Back

After the recent sharp fall NZD silver has bounced back this week, up $1.54 or 4%. It has risen strongly off the 200 day MA and is now back above the 50 day MA. There remains a chance of a dip down to the blue uptrend line. But right now we are watching for a higher high above $41. Silver is in a clear uptrend channel from September last year. So any dip down close to that trendline is a buying opportunity.

USD silver is looking similar. Although it did actually get down to the uptrend line. It remains in a very good buying zone just on the 200 day MA.

NZ Dollar Silver Chart

NZ Dollar May Be Bouncing Back

The New Zealand dollar was up 22 basis points. It has undergone a sharp pullback after touching the overhead downtrend line. Having dipped below 0.6000, the next support line is at 0.5900. So far that has held and the RSI is edging out of very oversold so this could be the start of a bounce higher.

NZ Dollar Chart

Need Help Understanding the Charts?

Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

Continues below





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A New Gold Standard or a Free Market For Money: What Comes Next?

In this week’s featured article, we delve into a fascinating topic that might reshape the way we think about money: the evolution beyond the traditional gold standard. Have you ever wondered what a new gold standard might look like, or if we could envision a free market for money?

Our featured article explores the history of gold standards, considers calls for a new gold standard in recent years, and even contemplates alternatives to government-defined monetary systems. We analyse the potential benefits of a classical gold standard and unveil the concept of an “Unadulterated Gold Standard.” You’ll also discover how technology and cryptocurrencies might play pivotal roles in reshaping our monetary landscape.

Join us in “pondering the possibilities” and the path forward for the monetary system…

A New Gold Standard or a Free Market For Money: What Comes Next?

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Inflation: Just Wave 1 of 3?

This is a slightly different version of the chart we shared last week.

That chart compared US CPI from 1966 to 1982 with 2013 to 2023. Whereas, the chart below transposes the covid era inflation of the past 5 or 6 years onto the inflation waves that took place from the mid 60s to mid 80s. So if history rhymes, this chart shows we may only be completing the first (and smallest) of 3 waves of inflation.

She moves in mysterious WAVES

Historical patterns indicate that when inflation arrives, it on occasion does so in waves. In particular, this was the case during the most recent extended period of elevated inflation in the US, in the 1970’s. In this instance, headline CPI hit a peak of 6.2% in December 1969, then dipped below 3% by mid-1972, only to surge above 12% to 12.3% in December 1974. Two years later, headline CPI had slowed to below 5% but again a renewed spike followed, with an even higher peak of 14.8% reached in March 1980.

From: Credit Agricole


Saudi Arabia and UAE to Join BRICS?

Another brick in the wall that is the steady demise of the US dollar…

The BRICS meeting in South Africa kicks off today. There’s still plenty of speculation about what will be discussed, let alone what will be announced.

In Gold We Trust reports:

“BRICS Expansion:

South African Minister of International Relations and Cooperation Naledi Pandor reported on Monday that leaders of 23 countries from around the world officially expressed their desire to join BRICS.

“We have received official expressions of interest from the leaders of 23 countries to join BRICS, and further informal consultations on membership possibilities”

This is more evidence of the end of the dominance of the petrodollar, as Saudi Arabia and UAE are among the 23 countries. Jim Rickards who was one of the first to discuss this meeting has an update on it here.

So we wait to see if anything significant is announced at the end of this week.

Positive Sign: Silver Short Positions Dropping

A recent tweet from Peter Spina at Goldseek noted:

“Specs getting shaken out, banks covering shorts… heavily so in silver.


Silver looking really good at first glance!”

Meanwhile David Brady pointed out:

Banks add to their net long position ‘again’.
Funds add to their net short position ‘again’.
The data is telling you we’re close to the bottom.”


At the same time Ted Butler in his weekly precious metals report noted the following:

“The Commitment of Traders Report, for positions held at the close of COMEX trading on Tuesday, 08 August, was everything that both Ted and I were hoping it would be…plus more.

In silver, the Commercial net short position dropped by 13,663 COMEX contracts, or 68.315 million troy ounces of the stuff.

…The Big 8 shorts in total decreased their net short position from 62,700 contracts, down to 54,226 COMEX contracts week-over-week…a drop of 8,474 contracts. But you have to subtract out the short position of that Managed Money trader…now down to 5,000 contracts…so the Big 8 commercial short position, in reality, is likely a bit under the 50,000 contract mark…which is the lowest its been like forever.

…On top of that, the commercial traders of whatever stripe have set three tiny and consecutive new intraday lows in silver since the Tuesday cut-off, so we’re back to being wildly bullish in silver from a COMEX futures market perspective.”


In simple terms the “commercials” are the likes of the bullion banks and miners and those in the industry actively hedging their physical positions. History shows they are right at the extremes more than not.

While the “funds” are those more just betting on the price of silver, hedge funds etc. They are generally wrong at the extremes.

So the commercials are expecting silver to rise (they are reducing their short positions). The funds are expecting silver to fall (increasing their shorts.

This data is always in the past but it looks to have been proven correct again as silver staged a decent bounce following this.

In short, it’s more evidence that anywhere around these levels should make for a good buying opportunity in silver.

Please get in contact for a gold or silver quote, or if you have any questions:

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Shop Online with indicative pricing

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This Weeks Articles:

A New Gold Standard or a Free Market For Money: What Comes Next?

Tue, 22 Aug 2023 4:01 PM NZST


In this article you’ll learn about the various gold standards and exchange rate regimes over the past 200 years. Along with what the options may be instead of a return to a gold standard… Calls For a New Gold Standard Back in 2010 we had the World Bank head Robert Zoellick calling for debate on […]

The post A New Gold Standard or a Free Market For Money: What Comes Next? appeared first on Gold Survival Guide.

  Read More…

Inflation – Not Beaten Yet?

Wed, 16 Aug 2023 2:38 AM NZST



Prices and Charts Looking to sell your gold and silver?   Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $3073 Buying Back 1kg NZ Silver 999 Purity $1171 Weaker Kiwi Dollar Holds Up Local Gold Price A sharply weaker Kiwi dollar gave the local gold price a boost, despite a […]

The post Inflation – Not Beaten Yet? appeared first on Gold Survival Guide.

  Read More…

Exit Strategies For When the Time Comes to Sell Gold and Silver

Tue, 15 Aug 2023 2:10 PM NZST

Exit Strategies For When the Time Comes to Sell Gold and Silver


We regularly discuss the reasons for buying gold and silver. But what about when it comes time to sell gold and silver? A reader has been pondering this very question… “I hope you don’t mind if I ask you some questions. I’ve been wondering to myself what happens when the price goes up. Like what […]

The post Exit Strategies For When the Time Comes to Sell Gold and Silver appeared first on Gold Survival Guide.

  Read More…

How Much Gold Has China Got?

Wed, 9 Aug 2023 6:19 AM NZST


Prices and Charts Looking to sell your gold and silver?   Visit this page for more information Buying Back 1oz NZ Gold 9999 Purity $3053 Buying Back 1kg NZ Silver 999 Purity $1162 NZD Gold Steady From Last Week Gold in New Zealand dollars was up just $3 from 7 days ago. It remains just […]

The post How Much Gold Has China Got? appeared first on Gold Survival Guide.

  Read More…

As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing

7 Reasons to Buy Gold & Silver via GoldSurvivalGuide

Today’s Prices to Buy

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Gold Maple
2023: $3,437.70 (dispatched in 7 days) or Any Year Maples for $3,405.70
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Tube of 25: 1289.25 (pick up price – dispatched in 2 weeks)


Box of 500 coins (dispatched in 4 weeks):
2023 coins: $23,678.69

Backdated coins: $23,552.49
Including shipping/insurance (4 weeks delivery)

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We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

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1 thoughts on “Positive Sign: Silver Short Positions Dropping

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