Dollar’s TWI and Bond Yields Decline

November 28, 2023

by Alasdair MacLeod Gold Money

Ahead of a possible challenge on the $2000 level, gold consolidated recent rises this week, and silver held up well. This morning in European trade, gold was $1995, up $15 from last Friday’s close, and silver was $23.70, unchanged on the week. Comex volumes were healthy, despite the Thanksgiving holiday in the US.

Open Interest in both Comex contracts is rising, as shown below.

[…] Gold’s OI is now over 500,000 contracts, which is putting pressure on the shorts, predominantly bullion bank trading desks, while silver still remains subdued. From the Commitment of Traders reports, the position of the gold swaps (mainly bullion banks) is shown below and reflects the developing squeeze on their positions.