Silver – The bears are not hibernating yet

Silver – our bearish outlook is reaffirmed and increased.  We don’t have a position at the time of this post because we have taken our market exposure down dramatically.

We see depressed lease rates, negatively divergent oscillators, and traders large, and small, have not been as bullishly positioned compared to commercial hedging activity in the last year.

We will look to build some short exposure next week.

We now rate Silver RED in the Bikini State.

Silver Lease Rates – November 2012

Silver COMEX – Weekly

Silver Futures – Daily compared to Commitment of Traders (COT)

Silver COMEX – Daily