ContentsSilver Futures RechargeGoldman: Positioning Was Light Into the TurnManaged Money ReturnsCTAs Begin to Cover ShortsPhysical Market Has Yet to ConfirmAuthored by GoldFix Silver and Gold are both called higher this morning with Silver leading the charge after a lackluster day yesterday. As of this writing Silver is up 4.9% at 64.38 up $3.00. Gold is lagging its sister up 1.8% ($78) at 43.18.Both metals are experiencing both physical buying out of London as well as algorithmic buying out of multiple places. The algo buying is reportedly CTA money covering shorts along with good old fashioned front running of shorts in this torrid rally.Silver entered the end of July with relatively light speculative positioning, leaving the market vulnerable to a sharp move once the macro backdrop improved. Goldman Sachs notes that Managed Money net length on July 28 stood at only a 3% two-year rank in notional terms, meaning speculative exposure was near the bottom of its recent range. As July turned into August, an incrementally dovish FOMC meeting, intervention in the Japanese yen, and a reversal in oil prices combined to weaken the dollar and lift metals. Between July 28 and August 5, the DXY fell 1.7%, while COMEX silver gained 8.3%, outperforming gold’s 5% rise and the 7.6% advances in both platinum and palladium.Silver up 5% as Physical Demand Triggers CTA Panichttps://t.co/wNaGursov9