by Alasdair MacLeod
Gold Money
In this Easter holiday shortened week, gold soared to new highs, while silver has yet to catch up. At close of play last night in New York, gold was $2233, up $70 and silver traded at $24.94, up a net $28 cents. Volumes on Comex were healthy, rather than spectacular:
[…] Interestingly, gold’s Open Interest has declined on this bullish move when one would expect a stampede of buying. From its peak on 21 March, in five trading sessions Open Interest declined by nearly 38,000 contracts. Clearly, the Swaps category comprised mostly of bullion bank trading desks are running for cover instead of riding it out with a view to taking out flaky speculators at the first sign of profit-taking.