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Gold, Silver Breakout in Action
By Gene Arensberg
Got Gold Report
Monday, September 7th, 2009
U.S. banks dump huge chunk of net short positioning just before surge.
Both precious metals challenge key resistance despite heavy commercial selling.
ATLANTA – Bam! Gold breaks out of its huge consolidation triangle, Wednesday, September 2. What are we going to do now? Why, for the short-term trading portion of the ammo pile, we are going to execute trading strategy and let the strategy do the trading of course. More about that below.
As the first week of September rolled in, the markets for gold and silver heated up. Why? “Tonnes” of reasons. Perhaps Adrian Day summed up one of our favorite drivers of this gold bull market in a CNBC interview with Bob Pisani Friday when he said, in essence, that gold going up now is a vote of no confidence in the world’s “leadership” and another no confidence vote in the world’s fiat currencies.
Gold is going higher primarily because the supply of paper with ink on it is seemingly inexhaustible but precious metals supply is relatively constant. Gold is going higher because more and more people are converting the former into the latter pure and simple.
Technicians Point to a Strong Thrusting Breakout
All over the world technicians have been waiting for exactly the event that is apparently unfolding just as we enter the long three-day Labor Day holiday in the U.S. and “Labour Day” in Canada. Whether or not gold follows through to the upside next week, make no mistake about it, this is certainly a convincing move underway as of the close on Friday, September 4.
A quick look at the two-year gold graph presents the bullish technical picture pretty well. The short version (no pun intended) is that gold has left the confines of a wide, symmetrical triangle consolidation; a consolidation firmly in place since the February turning high near $1,007 the ounce and the corresponding April turning low near $860. Since those two definition extremes gold has put in higher lows and lower highs, tightening into a narrower and narrower range until this past Wednesday.
Technicians love breakouts because they often mark periods of very strongly increased volatility in self-reinforcing fashion. Upside breakouts in a bull trend also confirm one of the primary tenants of technical analysis, to wit: “Consolidations are more often than not continuation patterns.” Meaning, of course, that the trading is expected to continue in the direction of the trend which preceded the consolidation.
If we look at a much longer term chart of gold, one going back to the beginning of the Great Gold Bull in 2001-2002, the clear trend has been for gold to “move from the lower left to the upper right,” as hedge fund operator and famous spread trader Dennis Gartman (theGartmanLetter.com) is wont to say.
We’ll let some of the indicators do most of the talking from here on in this report. Since there is a lot to cover this holiday weekend, let’s get right into them.
First up, let’s take a look at a very interesting development which has just occurred with the much maligned large U.S. bank’s positioning in futures markets. An event that some will probably not believe when they see it, but nevertheless is what the data just released shows.
U.S. Bank Positioning
Each month the Commodities Futures Trading Commission (CFTC) publishes its Bank Participation in the Futures and Options Markets Report which shows the positioning of reporting banks in the U.S. futures markets for commodities including gold and silver.
The most recent report was for bank positioning as of September 1. As of that report the number of U.S. banks reporting positions in gold rose back up from two to three. The report shows that the big U.S. banks got the heck out of a big portion of their net short positioning just ahead of this breakout higher for gold. That almost has to be a bullish development (or at least a tail wind) for the yellow metal.
As of Tuesday, September 1, with gold then at $955.90, the three U.S. banks with reportable futures positions held a total of 509 contracts long gold and a total of 75,550 contracts short gold for a total net short position of 75,041 COMEX 100-ounce contracts. That was with a total open interest of 384,703 contracts open. As shown below in the Gold COT section, all commercial traders as a group (all 48 of them) reported a net short position of 216,708 contracts the same day.
A net short futures position benefits if prices fall, but could theoretically represent offsetting transactions to hedge the risk of opposite positions or financial derivatives in other markets.
For comparison, as of June 2, three reporting months prior, three reporting U.S. banks held a net short position of 123,110 gold contracts while all commercial traders as a group reported 226,521 gold contracts net short, with gold then at $981.45 and a total open interest then of 391,057 contracts. The U.S. bank’s nominal net short position is shown in the graph just below.
Source for data CFTC for COT, cash market for gold
Since June 2, when the net short positioning of the U.S. banks peaked, and especially over the past month, it is quite clear that the large, well-funded and presumably well-informed banks decided, for whatever reasons, to greatly reduce their net short positioning in the U.S. gold futures markets. Indeed, based on the monthly reporting above, as gold metal actually traded a net $25.55 lower (from $981.45 to $955.90) the U.S. banks covered or offset a whopping 48,069 or 39% of those short gold bets.
During the same June-September period the total combined collective commercial net short positioning (from all traders classed as commercial, the LCNS) FELL 9,813 contracts or 4.3% from 226,521 to a still quite high 216,708 contracts net short (as detailed below in the Gold COT section).
Measured as a percentage of all commercial net short positions the three U.S. bank’s net short positioning fell from almost 61% in July to less than 35% in two reporting months with gold trending higher as shown in the chart below (the last three data points of the right axis).
Source for data CFTC for COT, cash market for gold
Contrary to some analyst’s expectations, the U.S. banks net short positioning fell at a fast clip over the past two months. We cannot help but notice that it fell very sharply IN ADVANCE of this most recent breakout for gold metal. Coincidence?
We suspect that the same confusion and chaos which has befallen the NYMEX futures market for natural gas is in some small part to blame for this turn of events, as the CFTC has already threatened to renege on position limit exemptions for some financial aggregators on the long side of the natural gas, oil and wheat markets. That action has temporarily put unnaturally strong downward pressure on the North American-centric natural gas market as ETFs were forced to quickly downsize their long positioning in futures as we reported last week.
The banks could be in the process of reducing their collective futures positioning ahead of what they fear could be future CFTC-enforced restrictions on the aggregate size of their position-taking in financially settled futures contracts. (In Texas English, the banks could be “getting smaller” out of caution before the rules change and they are forced to do so abruptly.)
Up to now the banks and other very large traders who cater to commercial clients have been able to amass virtually any size position under exemptions to position limits afforded “bona fide hedgers.” While the CFTC has not explicitly said that it intends to more strictly enforce position limits for interests who are merely hedging financial risk (as opposed to actual producer hedging for deliverables) some market watchers and commentators believe the CFTC intends to redefine which interests will be allowed to avail themselves of the exemptions now granted to most traders classed by the CFTC as “commercial” or “hedgers.”
The CFTC has also not specifically laid down new rules or position limits in the metals futures markets, so far, however both Chairman Gary Gensler and Commissioner Bart Chilton mentioned the metals markets as within the scope of recent CFTC hearings on position limits at the CFTC.
Here at Got Gold Report we remain very highly skeptical that the CFTC really intends to limit the size of futures positioning for the hedging or short side of the market at all, but as we called for in a public comment letter to the CFTC, if the Commission intends to limit the size of traders on the long side then they should also limit the position size for all traders on the short side as well, equally, fairly and without exception or exemptions.
Whether the U.S. banks “got out of Dodge” with their gold net short positioning because of the possibility of new position limits or simply because they were “lucky” is kind of beside the main point, which is that they have represented some large fraction of the support which the gold market has seen of late. One probably cannot cover 48,000 short gold contracts without it propping up the market at least a little.
U.S. Banks in Silver Futures
We have to note a somewhat different picture when it comes to the U.S. bank’s positioning in silver. As of September 1, exactly two U.S. banks reported holding 13 contracts long silver and 29,888 contracts short silver for a total net short position of 29,875 COMEX 5,000-ounce contracts - with the total open interest of 106,671 contracts open and silver closing on the cash market then at $15.01.
The nominal net short positioning of the U.S. banks in silver is shown in the graph just below.
Source for data CFTC for COT, cash market for silver
All commercial traders as a group (all 36 of them) held a net short silver futures position of 48,056 contracts as of last Tuesday (as detailed below in the Silver COT section), so the two U.S. banks’ percentage of the total commercial net short positioning actually fell from 76.3% to 62.2% over the past month.
Although the nominal size of the bank’s net short positioning was virtually unchanged, because the net short positioning of all commercial traders increased for the period, the effective relative positioning of the banks to all commercial futures traders is less than it was a month ago. Indeed, as silver is just now breaking out of its consolidation along with gold the bank’s relative net short positioning is the lowest it has been this year as shown in the chart below.
Source for data CFTC for COT, cash market for silver
The overall commercial net short positioning for COMEX silver futures remained very highly concentrated in the two U.S. banks as of September 1.
Moving on briefly to some of the other indicators
Gold ETFs: As gold metal powered $39.48 higher for the week (to $994.40 on the cash market), SPDR Gold Shares, by far the largest gold exchange traded fund (GLD), reported a net weekly increase of 15.8 tonnes to show 1,077.63 tonnes of gold bars held by a custodian in London.
In addition, Barclay’s (soon to be BlackRock’s) iShares COMEX Gold Trust (IAU), reported an addition of 1.2 tonnes, to 74.67 tonnes of gold held in COMEX warehouses.
All five of the gold ETFs sponsored by the World Gold Council (WGC) collectively added a net 17.58 tonnes of new gold metal, to a combined 1,263,85 tonnes worth about $38.8 billion.
That may sound like a lot of money tied up in that allocated gold stash, but it really isn’t if we consider that the U.S. government had to use over four times that much bailing out just one U.S. insurance company that had a bunch of wrong-way derivatives bets (AIG).
Apparently the negative money flow seen in the gold ETFs since July has now reversed back into positive money flow. The authorized market participants for gold ETFs add gold (and increase the number of shares in the trading float) in response to more buying pressure than selling pressure and vice versa.
Silver ETF: Barclay’s (also for now, and soon to be BlackRock’s) sponsored iShares Silver Trust (SLV), actually began the last week by reporting a 73.42-tonne reduction followed by a 3.63-tonne maintenance reduction, but as silver also moved up with gold, buying pressure reasserted itself. SLV reported a 61.13-tonne addition to its silver holdings on Thursday to show 8,726.20 tonnes of average 1,000-ounce allocated silver bar inventory. For the week that’s a net 15.87-tonne reduction.
Earlier in the week we took note of much wider than normal spreads between the share price of SLV and the then net asset value or NAV, so the early-week reductions to SLV metal holdings were not unexpected. The spreads tightened considerably on Wednesday and Thursday, however, which explains the reversal from negative to positive money flow for the largest silver ETF.
As one might expect with a full-blown breakout underway, Gold recorded a higher weekly low ($944.87 Monday) and a significantly higher cash market high ($997.67 Thursday), and perhaps the most surprising aspect of this week’s rally was the almost total absence of Friday profit taking ahead of the long holiday weekend. The last print on Friday showed $994.40 on the cash market, just $3.27 under the Thursday high. For the week the yellow metal booked a dandy net gain of $39.48 an ounce or 4.1%.
Apparently the fear of being short overpowered the fear of being long ahead of the weekend. Chart of Friday’s gold trading below courtesy of Kitco.com.
Please see the gold charts linked below for more technical commentary.
Having blown through its middle resistance of near $15, Silver surged strongly in a lightning-fast romp, right up to its upper resistance near $16.20. For the week silver boasts a whopping net advance of $1.51 or 10.3%! Both the weekly high ($16.34 Friday) and low ($14.55 Monday) were much higher week on week and like gold, silver managed to close near its high for the week with little to no profit taking. Please see the silver charts linked below for more technical commentary.
Despite the fact that many traders think the U.S. dollar bearish trade is overly “crowded,” the dollar was unable to gain ground this past week. The U.S. dollar index (DXY) went nowhere, closing the week at 78.16, down 13 “ticks” from the prior week’s Friday close as shown in the U.S. dollar index graph below in the charts section.
As kind of an alert to our readership, we want to highlight the action in ICE futures in the DXY. As the “Dixey” ROSE 50 basis points, from 78.23 to 78.73 COT reporting Tuesday to Tuesday, ICE commercial traders dumped a whopping 7,115 contracts (83%) of their collective net long positioning. The “ICECOMs” reported a net long position of 1,462 DXY contracts out of a total open interest of 30,351 contracts (LCNL:TO = 5%) as of September 1. As recently as one month ago the ICE commercials had long dollar index bets equal to 50% of the open interest.
Apparently the ICE commercials fear unfavorable dollar news in the near future. Either that or else the inability of the greenback to mark a significantly higher high for the prior week has them extremely cautious. The U.S. dollar chart is below in the charts section.
The Gold/Silver Ratio (GSR) plunged this past week as silver way outperformed its yellow cousin, finishing the week at 61 and change. (A most gratifying development for yours truly, by the way.) See the GSR chart below in the charts section.
Large, well-financed mining shares, which have been more or less treading water for months, answered the pop higher for gold this past week as shown in the HUI index charts below in the charts section. Interestingly, the Big Miners as a group are also at a key technical resistance area now, but remain well under their pre-2008 crisis levels. The Friday close of 409 and change is the highest close of 2009 so far.
Smaller, less liquid and more speculative miners and explorers also advanced on the week, but continue to woefully underperform relative to their larger relatives as people remember all too well how they were mistreated with them in 2008. We follow the Canadian S&P/TSX Venture Index or CDNX as a proxy for the “little guys,” and as the charts linked below in the charts section show, they have a lot more “room to improve.”
If, repeat IF, this current breakout attempt by gold and silver turns out to have real “legs,” we have little doubt that the “little guys” will explode to the upside in very short order as collective fear and disdain for speculative issues morphs into intense greed and interest in them virtually overnight. Some of the more popular or better promoted issues have already launched to the upside over the summer.
Gold COT Changes: In the Tuesday 9/1 Commodities Futures Trading Commission (CFTC) commitments of traders report (COT) for gold metal the COMEX large commercial’s (LCs) collective combined net short positioning (LCNS) edged 5,366 contracts or 2.5% higher from 211,342 to 216,708 contracts net short Tuesday to Tuesday as U.S. dollar spot gold rose $10.85 or 1.2% from $945.05 to $955.90 while the total open interest INCREASED 5,074 to 384,703 contracts open.
The LCNS rose 6,797 contracts and the open interest rose 5,819 contracts the week prior, so up to the gold breakout the COMEX commercials were actually adding more to their net short positioning than the increase in open interest.
Despite the U.S. bank’s big reductions in net short positions, all commercials as a group increased their short bets a little. However, as of Tuesday, they were not quite as strongly net short nominally as they were five weeks prior.
Gold versus the commercial net short positions as of the Tuesday COT cutoff:
Source for data CFTC for COT, cash market for gold
The chart above looks at just the nominal amount of commercial net short positioning. The chart below compares the COMEX commercial net short position for gold with the total open interest (LCNS:TO). That gives us a better idea of how the largest hedgers and short sellers are positioned relative to the rest of the COMEX traders.
As measured against all COMEX open contracts, the commercial net short position remained quite high at 56.3% of all open contracts.
Source for data CFTC for COT, cash market for gold
A very high LCNS:TO is dangerous and usually bearish, but as we have been saying, a very high LCNS:TO does not necessarily mean the commercials are “right.” Indeed we have expected that the LCNS:TO would be quite high if and when gold would challenge the “Great Wall of Gold.” There is much more about that in the summation section. (See the two-year chart below in the charts section to see the Great Wall of Gold graphically.)
Silver COT: As silver hustled 73 cents or 5.1% higher COT reporting Tuesday to Tuesday (from $14.28 to $15.01 on the cash market), the large commercial COMEX silver traders (LCs) added a very large 5,338 contracts or 12.5% to their collective net short positioning (LCNS) from 42,718 to 48,056 contracts of net short exposure. The LCNS actually dipped a small 403 contracts the prior week. The total open interest ROSE 5,132 contracts to 106,671 COMEX 5,000-ounce contracts open, after falling 1,988 contracts the week prior.
Source for data CFTC for LCNS, London Silver Fix for silver from LBMA until 2-26-08 then cash market for silver
For context, the chart below compares the silver LCNS to the total number of open contracts on the COMEX, division of NYMEX (LCNS:TO). That gives us a better idea of how the commercials are positioned relative to all the COMEX traders. When compared to all the contracts open, the commercial net short positioning in silver futures jumped from 42.1% to 45.1%. Not surprisingly, that is the highest LCNS:TO of the year.
Source for data CFTC for LCNS, London Silver Fix for silver from LBMA until 2-26-08 then cash market for silver
Since the Tuesday COT report cutoff the open interest for both gold and silver has mushroomed substantially higher. The gold open interest is at least 50,000 contracts higher and silver more than 12,000 contracts higher and trading volumes have been robust. This particular breakout attempt has not been a meek one in other words. It is as if someone fired a long-awaited starting gun or, perhaps to mix metaphors, it is very much like a seismic shift of some kind has occurred.
New Orleans Conference Just Ahead
The New Orleans Investment Conference, to be held at the Hilton New Orleans Riverside October 8-11, is fast approaching. For more information or to reserve for the conference please use this special link. Please feel free to send me an email note if you plan to attend so we can connect there.
What a power-packed event this New Orleans conference is shaping up to be. The lineup this year rivals any in the 35-year history of the conference. I don’t know how he does it, but conference organizer Brien Lundin has assembled a veritable who’s who of experts and savvy intellectuals in both business and politics for this year’s Big Easy Confab. Including Dr. Marc Faber...Dennis Gartman...Peter Schiff...Dr. Stephen Leeb...Doug Casey...Rick Rule...Adrian Day...Frank Holmes...Bob Hoye...Bob Prechter...Dr. Mark Skousen...Ian McAvity...Pam and Mary Anne Aden...Brent Cook...David Coffin...Lawrence Roulston…Thom Calandra…Rick Santelli…Carl Rove…Howard Dean and many, many more.
My good friends Chris Powell and Bill Murphy of the Gold Anti-Trust Action Committee (GATA) will be there and will no doubt have important news for us then on GATA’s ongoing fight for more transparency in the U.S. government gold holdings. Many of us who track the doings in the world of gold and silver visit the GATA website daily because of the valuable work and contributions that Chris and company continually update for us every day.
Speaking of Chris Powell, he was interviewed by Eric King of King World News Friday and the short audio clip is well worth the time. For the few of you who may not know about Chris, this clip will offer a glimpse of his authoritative intellect. In the interview he happens to mention a favorite speech of my own by William Jennings Bryan. (Bryan’s "Cross of Gold" speech in 1896 which advocated a bimetallic basis for our currency.) Click here for the interview.
With the world now navigating the choppiest of uncharted waters in a global sea of uncertainty, this has to be the one must-attend conference of 2009. Sure hope to see you there.
Summing up:
Much of what follows in this section is repeating from the previous several reports with new commentary in bold:
We fully expect that if gold does advance through the formidable resistance being thrown at it by the largest hedgers and short sellers now, (gold has indeed advanced) and ultimately thrusts upward through the Great Wall of Gold, (the challenge is on) it will most likely do so in grand, explosive and historic style, sort of like it did when the $450 barrier gave way in 2005. (This coming several weeks could be the beginning of that test.) We sure want to be on board if or when that day arrives.
Short term traders should tighten stops now, but not too tight! With the action pausing, (the action was pausing in the last report, but not now) both buy stops and sell stops are ratcheting in toward the trading from both sides. (Breakout attempt to the upside underway. Buy stops kicked in as expected and short trailing stops fell like dominoes Wednesday and Thursday.) We can expect volatility to increase in the near future, especially with lighter-than-normal summer liquidity. (Bingo. Liquidity returns to normal over the next two weeks.) We also remain on guard for exogenous, surprise geopolitical events which could occur most anytime. (Investors may be nervous ahead of the 9-11 anniversary.) We cannot be surprised to see a high percentage move in either direction under the circumstances.
Also, as we reported a month ago: It is rare and usually bearish for the LCNS:TO for gold to reach the 50%-plus level. However, we remind everyone that it was in August of 2005 when we witnessed the LCNS:TO reach the stratospheric 58% level with gold then attempting to test the $450s. It was the week of August 16, 2005 in fact. The LCNS:TO was 58.3% that week with gold closing at $446.32.
By the next reporting week, August 23, 2005, the LCs held their collective net short ground. (Similar to what occurred this August. The LCNS:TO has not fallen below 54.7%.) The LCNS:TO read an even higher 58.4% even after gold had fallen a little to $438.90. The figurative “wall” thrown up against gold then appeared to be holding, but that appearance was misleading.
One week later, the week of August 30, as gold merely edged lower to the low $430s, the COMEX commercials did the unexpected. In the course of just one week they covered or offset a huge 54,227 contracts and the LCNS:TO plunged from 58.4% to 47.8% in one report! That was with gold at $431.65. (Interestingly, this time we have the U.S. banks dumping a big portion of their net short positioning just ahead of a breakout higher for gold.)
By May of the next year, 2006, gold had advanced up to test the $730s for the first time in this gold bull, more than 60% higher than where it was when the LCNS:TO first reached 58% the prior August. (To understand that in context of today’s market, gold would have to rise to $1,520 the ounce by next May to equal the 2005-2006 breakout performance.)
So, when we say that it is usually bearish to see the LCNS:TO so high, we can also point to and attempt to understand the periods where that huge selling by the commercials turned out to be “wrong.” Indeed, if gold is ever to gain a foothold above the Great Wall of Gold it will likely be during a period when it looks very heavily defended. Sort of like it did in 2005. (Just as it does right now.)
This is a gold bull market until proven otherwise. In a bull market speculators have but two possible positions: Long or on the sidelines. Definitely not short, except to hedge. (At least just yet.) (Even more important during attempted breakouts.)
We firmly believe that if gold is to punch through the Great Wall of Gold it will likely be despite activity in the U.S. dollar, or rather, regardless of it. It will also be when gold makes another advance in all global fiat currencies at the same time as it did in 2005. (Sure enough, gold advanced in all global fiat currencies over the past two weeks.)
Gold may or may not be ready to make that next advance. No one can see the future and no one “knows” when such an advance will occur in advance. (We are witnessing the first attempt now.) However, given the actions of the current “captain” and “crew” American voters saw fit to elect to run this badly leaking national flagship, it would not be all that surprising if the world (especially Asia) suddenly wanted a lot more gold metal and a lot fewer of our paper promises in the weeks and months ahead. (Newswires are flooded with stories which support that view.)
We remain on the hunt for special situations and “vulture opportunities” via “stink bids” for obvious lack-of-liquidity, non-news-related, over-reaction sell-downs on the miners via our Vulture Bargain Hunter Method. Companies we believe have been sold down too far with longer-term high-percentage recovery possibilities, like the candidates Brien Lundin mentioned in the most recent Gold Newsletter. (The “little guys” could heat up quickly if gold shows continued strength.)
A few closing comments: Now that gold has broken out above the former implied resistance, above $976, the proper trade for short-term traders is to ratchet up their trading stops to an area just below the breakout and, once convinced that the breakout has legs, to add one unit to the trade. Failure to adopt good money management stops risks a quick “profit-ectomy,” as virtually anything is possible on a short-term basis.
As just one example, although this breakout attempt seems powerful and convincing for sure, there is always the chance of “intervention” into the commodities markets, just as we witnessed last year in July. The period BMO’s Donald Coxe dubbed “The July Massacre.” How surprising would it be to see something similar now, when the stakes are arguably even higher than then?
Disciplined short-term traders use stops. Gamblers don’t.
As we like to put it, short-term trading without using stops is like skydiving without a parachute. Both have the potential to end badly.
Longer-term, as of today, Sunday, September 6, 2009, we continue to believe that precious metals, and the companies that explore for and develop them, offer investors uncommonly robust potential.
The fact that gold is rising reflects growing contempt of government’s inability to stay within its means; contempt of government interference into free markets; contempt of government removing all ties of our currency to gold and silver, and a growing mistrust of our overly intrusive government seeking more oppressive control of what it now views as its subjects. They are stealing our freedom by a thousand cuts and borrowing against the labor of our children in amounts that cannot be repaid. The current path is completely unsustainable. The productive among us are weary, angry and disgusted with the national socialist elitists. The productive class, the ones who actually still pay income taxes, have taken about as much of this bureaucratic steamroller (a.k.a. “BS”) as they can stomach.
Atlas is beginning to shrug. Got gold?
Got Gold Report Charts for GNL Subscribers
That’s it from Atlanta, this week. Until next time, good luck, good trading and as always, MIND YOUR STOPS.
The above contains opinion and commentary of the author. Each person should study the issues carefully and, as always, make their own informed decisions. Disclosure: The author and/or his family currently holds a net long position in SPDR Gold Shares, net long iShares Silver Trust, long San Juan Basin Royalty Trust (SJT), long Permian Basin Royalty Trust (PBT), long the following “Vulture Bargain Hunter Stocks” mentioned in this report or within the last three months: Timberline Resources (TLR), Paragon Minerals (PGR.V), Forum Uranium (FDC.V), Odyssey Resources (ODX.V), Radius Gold (RDU.V), Columbus Gold (CGT.V), Endeavour Financial (EDV.T), Terraco Gold (TEN.V), Hathor Uranium (HAT.V), Natcore (NXT.V) Esperanza Silver (EPZ.V), long SDS as a Big Market hedge and currently holds various (approximately 25) other long and short positions in mining and exploration companies. The author receives no compensation from any company mentioned in this report. To contact Gene use LLCCMAN (at) AOL (dotcom).
SOURCE: http://www.midasletter.com/commentary/arensberg/090907_Got-gold-report-gold-silver-break-out.php
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Gene Arensberg's Got Gold Report
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