by Alasdair MacLeod
Gold Money
The risk at the year-end is that the establishment manages gold prices lower to favour their short positions. There is no evidence yet of this occurring for gold, though it appears to be true for silver. In a Sherlock Holmes story, the theft of a valuable racehorse did not trigger barking from a guard dog, which seems an appropriate metaphor for the absence of a takedown.
In European trade this morning, gold was $2065, up $13 from last Friday’s close, and up 13.2% on the year. Silver was $23.65, down 56 cents on the week and barely changed on the year. Comex volumes in both contracts were seasonably low.
Comex deliveries continue, with 16.45 tonnes of gold delivered in December totalling 412.73 tonnes for the year. Silver saw 395.3 tonnes and 4,315 tonnes respectively. These delivery quantities were never intended when these contracts were first issued, the delivery option being little more than and expiry reference point.