Further Consolidation Required?

December 10, 2023

by Alasdair MacLeod Gold Money

In the Far East on Monday, gold spiked up to $2146 and silver to $$25.90, when it was 18.30 EST on Sunday. It was short-lived, and a lack of follow through and profit taking rapidly took gold and silver back to below Friday’s official close in New York. Following this drama, gold has stabilised, trading in Europe this morning at $2030, down $42 from last Friday’s close. Silver has continued to weaken and is at $23.80, down a hefty $1.68.

Comex volumes have declined significantly since Monday, as the following snapshot illustrates.