Gold Up, Dollar Down

December 04, 2023

by Alasdair MacLeod Gold Money

Gold and silver continued to rise this week, with gold bursting through the $2000 level, and silver $25. In European trade this morning, gold was $2042, up $42 from last Friday’s close, and silver was $25.20, up 93 cents. After a busy Monday, Comex volumes in both contracts declined over the week.

Being the month end, usually the bullion establishment likes to shake out weak holders, so that call options are abandoned, and their mark-to-market values are window-dressed favourably. There has been little sign of it. If anything, standing for delivery has been the feature, with 28,184 gold contracts (87.7 tonnes) and 1,554 silver contracts (241.7 tonnes) in the last five trading sessions.

In both contracts, Open Interest on Comex has been rising, but are not yet in overbought territory, as the next two charts show.