Goldman Sachs commodities strategist Robert Quinn described silver as “Still Stuck” after managed funds sold about $2.2 billion of silver futures over three weeks, BlockBeats reported on Oct. 22.
Positioning weakened as silver and related stocks fell
The report said net-long silver positioning reached its lowest point in Goldman’s two-year data, while three-month put/call skew rose to the 98th percentile of its one-year range. That measure indicated stronger hedging demand in the reported snapshot.
From Oct. 13 to Oct. 20, the dollar index fell 0.5%, while silver fell 2.6%. U.S. solar stocks fell 4.7%, Chinese solar stocks fell 1.6% and data-center-related shares fell 7.9%, according to the report. BlockBeats attributed the figures to Goldman’s analysis; the flash did not link the underlying report.