Loading ...Yes the battle is with silver at $50 … where a weekly close back above the mark would be a very positive development … with multiple weekly closes above the large round number and previous highs a technical signal more gains should be expected.
Not that gold at $4,000 is not significant in this regard as well … where COT considerations … with collapsing open interest (OI) and record physical offtake … should be expected to drive prices higher in spite of overbought technical conditions that would normally be considered the dominant factor previously post new record highs.
Gold Futures Volume & Open Interest – CME Group
On a COT related basis … gold is ready to go again.
Of course, general liquidity conditions and further official selling could play into the formula too … but should only act as temporary hinderances regarding higher prices that appear necessary before increasing demand would be cleared.
People are piling in because they know a new currency regime is coming … where it appears gold will be central … and silver will be remonetized as a codicil.
Mornin all