Comex Gold Into Month End

October 31, 2023

by Craig Hemke Sprott Money

What a crazy month this has been for gold prices. In a complete reversal from where prices began the month, we’re set to finish October on Tuesday with a big green candle on the monthly chart. What, if anything, does that signify? Let’s discuss that today.

The month of October began just four weeks ago, but it seems much longer than that. Geopolitical events and the worsening conflict in the Middle East have made October feel like the longest month of the year. Looking back, do you even recall how poorly COMEX gold was trading as the month began?

Once the September FOMC meeting concluded, gold prices began to sell off, and through the first week of the month, things were getting pretty ugly. Between September 21 and October 5, the COMEX gold price declined ten out of eleven trading days for a total loss of over $131. It was nasty.