by Alasdair MacLeod
Our headline chart does not capture the volatility this week that was sparked by the assassination of the Iranian Major-General Qasem Soleimani, and the subsequent reprisal. While gold was down $4 from last Friday’s close in European trade this morning at $1548, on Wednesday it spiked to $1610. Silver was also volatile, losing 22 cents to $17.90 on the week.
These conditions must have been testing for the bullion banks, who are record short, illustrated by our next chart of the net swap position.