Global Conflict Threatens

October 31, 2023

by Alasdair MacLeod Gold Money

This week, gold and silver went their separate ways, with gold rising and silver falling. In European trade this morning gold was $1985, up $4 from last Friday’s close, while silver was 22.81, down 21 cents. Gold is edging higher, while silver edges lower.

Indeed, all the action is in gold, with Comex Open Interest continuing to rise as our next chart shows, while that of silver is still subdued.

[…] This month, the relationship has driven the gold/silver ratio higher, currently at 87. But it is not as if the hedge funds have been aggressive buyers of gold contracts. While in these markets the Commitment of Traders figures for 17 October are stale (update for 24 October due tonight), they revealed that the Managed Money category was only net long 15,103 contracts. The next chart shows the position relative to the gold price.