Drifting Lower to Test Late-June Support

August 11, 2023

by Alasdair MacLeod Gold Money

Gold and silver drifted lower this week towards a test of the late-June lows. In European trade this morning, gold traded at $1918, down $24 from last Friday’s close, and silver traded at $22.7, down 89 cents. On Comex, turnover in gold was light, but in silver it was high. Comex deliveries in gold continued at pace, with a further 11.9 tonnes standing for delivery in the last five business days, amounting to 32.9 tonnes in the last two weeks. Deliveries in silver totalled 22.1 tonnes in the last five business days, and 141 tonnes in the last fortnight.

Open Interest on Comex for gold and silver contracts is shown in the two charts below.