Waiting for BRICS…

August 23, 2023

by Alasdair MacLeod Gold Money

The sell-off in precious metals which started in late July continued this week, but its momentum slowed with silver even showing a modest gain on the week so far. In early European trading, gold was $1892, having traded down to $1885 yesterday, for a net fall of $19 on the week. Silver was $22.78 having traded down to $22.30 on Tuesday but is up just 10 cents from last Friday’s close. On Comex, turnover in the gold contract was subdued, but in silver it was moderate to healthy.

In silver, the Commitment of Traders report for 8 August showed the Managed Money category was net short 3,781 contracts, with very low levels of longs and shorts making the balance. It seems that the trading community has withdrawn from this contract. And the Swaps unusually are sitting on net longs of 499 contracts. It is the Non-Reported category which has sold down its net long position. This is up next.