After months of drifting lower, gold and silver staged a sharp rally this week. In European trade this morning, gold was up $39 at $1766, having touched $1681 0n 21 July. Silver was at $20.17, up $1.60 on the week. Comex volume for gold was healthy, while for silver it was notably better on Wednesday and Thursday.
This week saw the Comex August gold contract run off the board, which has reduced open interest to well under 500,000 contracts. It reflects the degree to which the Swaps have managed to take out the longs in the Managed Money and Other Reportables categories. Furthermore, by forcing the price lower call options maturing this week have been abandoned. [Weiterlesen]