Market Report: Gold and Silver Becalmed

by Alasdair MacLeod
Gold Money

Gold and silver prices were little changed on the week, with gold up $2.50 in morning trading, European time, at $1478. Over the same time period silver was up eight cents at $17.06. Comex volume was seasonally light all week.

[…] However, open interest in gold continues to hit record levels, with last night’s OI standing at a preliminary 730,040 contracts. This is illustrated in our second chart.

[…] The divergence between open interest and the price tells us there is a gargantuan struggle between bulls and bears, the speculators and the bullion banks. But ahead of the December contract’s expiry, there was a massive rollover of 109,000 contracts, suggesting there is one bull of 90-100,000 contracts, presumably acquiring even more on the dips since. It could be that we are witnessing an attempt to break the Comex bank. And as open interest continues to soar, the stakes increase.

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