by Alasdair MacLeod
Gold Money
With Comex volumes dwindling to a trickle, traders in gold and silver markets are shutting down ahead of the Christmas break. In quiet markets this week, gold and silver drifted higher in tight liquidity. In European trade this morning, gold was $2053 up $34 from last Friday’s close, and silver $24.47, up 63 cents over the same timescale.
With only four trading sessions left this year, gold is up 12.6% and silver 2.2% from last December’s close. Gold has performed better than its long-term average but has been overshadowed perhaps by equities and bitcoin. Consequently, other than diehard gold bugs who are always a vociferous minority we see gold near to all-time highs with a remarkable lack of investor interest. But then, the investment establishment has increasingly turned its back on gold and physical metals for the last forty years.