Healthy Consolidation

September 06, 2023

by Alasdair MacLeod Gold Money

In the last few days, gold and silver have paused their earlier rises. In the case of silver, these have been substantial, as shown in our headline chart. In gold, less so; but it does appear that silver is leading both metals higher. In European trade this morning, gold was $1944, up $39 on the week, and silver $24.60, up 40 cents. Silver is up 10% from its mid-August low, leading gold which is up only 3%.

This performance has been despite Comex September contracts running off the board and the expiry of related options. And in silver, it is noticeable how Comex turnover has declined as it has consolidated, confirming that the next price move will almost certainly be higher. The screenshot below illustrates the position.