Precious metals expert Michael Ballanger explains why he believes why he believes gold has begun a new bull market and what the silver COT report is saying about that market.

Twenty-seven months and two days ago, I was under huge emotional duress due to the dreadful action in the gold market as prices had been under severe manipulative pressure since mid-October. Under the excruciating weight of incessant shenanigans (interventions), the price of gold was in abject freefall, having plunged from $1,189.90 to $1,062.60 or around 10.7% in a mere six weeks. On Friday, December 4, the COT for the week ended December 1, 2015. was reported and as I read the gold portion of that report, I suddenly leapt out of my chair screaming with both surprise and excitement, knocking wine and beer bottles askew and sending the poor dog yelping into the safety of two womanly arms with the revelation that "something important" had just happened.

After watching the open interest suddenly shrink on the Wednesday-Friday after that momentous end-of-COT-week Tuesday, it became apparent that the much-reviled Commercials had actually gone "net long" immediately after, as gold bottomed into that fateful slide to its multi-year low at $1,045.40. And surely enough, with gold being pillaged in one the classic "Freaky Friday" collusive attacks, gold put in what now appears to be THE bottom and marked the onset of a brand, spanking, new BULL market which was subsequently borne out with one of the best market advances in history and one of the best market calls of my career.