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The Banks Dig In – Gold Price Analysis
by Craig Hemke Sprott Money
The past three weeks have brought a decent rally in the COMEX gold price as fading rate hike expectations and geopolitical concerns have driven a consistent bid for both physical metal and the digital derivative. Lately, though, the usual suspects have been hard at work, capping price near $2000/ounce and driving it backward.
We’ll show you this on the charts later in this post. For now, though, let’s begin with a look at the latest Commitment of Traders (CoT) reports. What do they reveal about how The Banks have responded to this latest run up in price?