Loading ...Yet, as we noted earlier in the week, despite record highs prices, Goldman’s commodity trading desk notes that spec positioning in New York and Shanghai remains close to the lows.
Perhaps with the understatement of the week, Goldman’s Delta-One desk-head Rick Privorotsky noted earlier that gold and silver remain in an aggressive uptrend.
The broader signal still looks like reserve diversification rather than pure risk hedging.
There is clearly hot money involved, but first and foremost gold is a central bank trade… a slow erosion of the dollar’s exorbitant privilege rather than a sudden loss of confidence.
If there was one chart that summed up the craziness in the silver market it is this… the premium being paid for silver in Shanghai over silver in the West…
‘Off the charts’…
