GoldCore Precious Metals Update – Commitment of Traders (Comex) Data Shows Speculative Fever Not High in Gold or Silver

Gold
Gold closed above the $1,000/oz level for a fourth session and is currently trading at $1,014/oz. During yesterday’s trading it touched a new 18 month high of $1,023/oz.  The gold open interest on the COMEX rose another 3764 contracts to 478,172 which is still a long way from the record 593,953 contracts seen in mid January 2008 (http://www.technicalindicators.com/cotgold.htm). Indeed such open interest figures were seen for much of the final quarter of 2007 and the first half of 2008.

This contradicts those who claim that the gold market is in a speculative fever and would suggest that gold has further room to run prior to the much anticipated correction (by both the media and most gold analysts). Many traders are likely looking for gold to reach new record (nominal) highs prior to ‘selling on the news’ and taking profits. But some may look to buy on the breakout in anticipation of further gains. Recent resistance at the $970/oz to $980/oz mark will likely now become strong support, and with investment demand in China, Asia and the world remaining robust those expecting large falls to below the $950/oz level are likely to be disappointed.

Silver
Silver is currently trading at $17.17/oz and touched $17.63/oz overnight. While silver is overbought by some technical measures, the important Commitment of Traders report shows that the silver open interest went up 155 contracts to 125,306. While this is a new recent high, silver’s open interest high is around 150,000, some 25,000 contracts less than we are now. This too contradicts the bears who claim that speculative fever is too high based on the COT data. Silver at over $20/oz remains viable before the end of 2009.

Platinum group metals
Platinum is trading at $1,336/oz this morning while rhodium and palladium are trading at $1,650/oz and $302/oz respectively.

Mark OByrne

Also on news-goldcore-com

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE