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Market Report: Mid-Terms and USD Dominate

by Alasdair MacLeod
Gold Money

Precious metals were lower in quiet trade this week, which was dominated by the mid-term elections and a strong dollar. Gold was down $12 from last Friday’s close at $1220 in early European morning trade today (Friday) and silver down 40 cents at $14.34 over the same time-scale.

[…] Looking at prices and volumes on Comex suggests that yet more shorts were created at the higher price levels. We can conclude this because open interest has been rising on higher prices and on down days, taking gold’s open interest up to 502,344 on provisional figures for yesterday. This is the highest level of open interest since 20 July, when the dollar was roaring and commodities, including precious metals, were collapsing.

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