Market Report: PMs Find Support

by Alasdair MacLeod
Gold Money

Precious metals continued to consolidate at the lower levels, moving broadly sideways.

Gold was unchanged on the week by last night’s close in New York, at $1269, and silver up 9c at $17.63. The uncertainty facing traders is whether or not gold will now go lower to test the $1200 level, or will current levels hold. Time will tell.

Comex figures are not offering much guidance either. The next chart is of the gold contract’s open interest, and while we can see that open interest has declined significantly since the mid-year peak, an open interest level of 500,000 contracts is by no means low.

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