Jackson Hole Looms

August 30, 2023

by Alasdair MacLeod Gold Money

Gold and silver rallied from the lows of last week in quiet Comex trade for gold, but more active trade in silver. In Europe this morning, gold was at $1916, up $27 from last Friday’s close, and silver was up $1.30 at $24.14.

Gold has been remarkably quiet in all August, as the snapshot from the Comex web page below indicates.

[…] It would appear that this low turnover is connected with the holiday season. And attempts by the shorts to drive the gold price even lower than last week’s lows have not transpired. The last day’s trading for September’s options is Monday. But open call interest below $1930, where there are 2,298 calls outstanding is not material (other than one large call position of 5,059 contracts at $1850).