Market Report: Gold and Silver in Pause Mode

by Alasdair MacLeod
Gold Money

As our headline chart clearly shows, gold and silver have returned to test the level set at the major turning point of last December. Will they break down and resume a slide, or will they bounce higher? The longer they tarry, the more likely it is prices will sell off even more, at least that’s what the charts suggest.

[…] This week, gold and silver lost most of the rally from recent lows on Wednesday, undermined by dollar strength. Gold fell a net $14 from last Friday’s close to trade at $1241 in early European trade this morning (Friday) and silver lost 18 cents over the same time scale to $15.84

Perhaps precious metals appear directionless because the speculating hedge funds are balanced in their views. The next chart shows the net position of the managed money category on Comex, which is mostly hedge funds.

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