Market Report: Silver Roars, and Gold Stirs

April 22, 2016

by Alasdair MacLeod
Gold Money

Silver continued its stellar run this week, trading as high as $17.60 overnight in Asia on Thursday morning, and in mid-morning European trade today was 24.3% on the year, overtaking gold.

Gold finally caught a bid yesterday as well, running up as far as $1261 at the same time. Both metals opened strongly in US trading yesterday, with gold running up further still to $1270 and silver to $17.70, before someone dumped about 8,000 gold contracts and 3,750 silver contracts on Comex, driving prices down to $1250 and $17 respectively.

Preliminary Comex open interest figures for gold yesterday increased by 8,562 contracts on a net down day. This reflects the new bear sale described above, and is not symptomatic of profit-taking.

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