From Here, Where?

August 02, 2023

by Craig Hemke Sprott Money

In our 2023 macrocast, we forecast that the COMEX precious metals were likely to tread sideways through the first half of the year and then rally in the second half. As July ends and August begins, it appears that the expected second half rally has begun.

And we watched this new rally begin as prices moved off their recent lows last month. In early July, we noted that total contract open interest in COMEX silver had hit 10-year lows. This was almost a sure sign of a bottom and this post from July 5 made the point: No Demand for COMEX Silver.