Jul 11, 2025·Alasdair MacleodSilver is leading the way
For the first time in recent trading sessions, overnight demand from Asia drove gold and silver higher this morning. It should be a wake-up call for western bullion markets.Gold was almost unchanged over the week, but silver gained in subdued post-July 4 holiday trade. This morning in Europe,...
Read MoreJul 4, 2025·Alasdair MacleodFirst half 2025 PMs summary
It’s been a spectacular 2025 for precious metals so far. Will it continue into H2? With fiat currencies losing credibility, the answer is a resounding YESIn quiet trading during a week foreshortened by US Independence Day, gold has held up well, while silver has been squeezed higher. In...
Read MoreJun 27, 2025·Alasdair MacleodEnd-month markdowns
Predictably, futures contract expiry is coinciding with precious metals weakness. But it ignores weakness in the dollar, likely to prompt further dollar selling in favour of gold.Another week of universal apathy. It is the end of the first half of 2025 with book squaring in mind, and the...
Read MoreJun 20, 2025·Alasdair MacleodThe bear squeeze pauses despite war drums beating
The shorts on Comex took the day off yesterday, being the Juneteenth National Independence Day. But their problems continue nevertheless…In European trade this morning, gold was $3350, down $85 from last Friday, while silver was $36.00, down 30 cents after a high of $37.31 on Tuesday. Yesterday...
Read MoreJun 13, 2025·Alasdair MacleodDollar down, gold up
The dollar’s trade weighted index just hit multi-year lows. To make things worse, Israel attacked Iran overnight, escalating ME tensions. Comex gold is waking up to the implicationsLast week, it was silver. This week it is gold. In European trade this morning, gold was $3416 having hit a high...
Read MoreJun 6, 2025·Alasdair MacleodGold consolidates while silver soars
For some time, the behaviour of gold and silver prices has diverged, with silver’s underperformance since 2 April now correcting. This report looks at silver’s price drivers.This week, silver broke out into 12-year high ground on huge Comex volume, while gold with a firm undertone continued...
Read MoreMay 30, 2025·Alasdair MacleodGold and silver remain firm
Wholesale market operators who rely on being able to roll leases on maturity face the prospect of having to buy back bullion which has simply vanished.In a week when the US Court of International Trade ruled that the constitution gave congress the power to levy tariffs and not the president,...
Read MoreMay 23, 2025·Alasdair MacleodGold steady in bond chaos
It’s the best of times for gold; the worst of times for dollars. Led by long-dated JGBs, global government bond markets are wobbling. We can see where this is going…This week saw moderately firmer prices for gold and silver following a near-four-week consolidation. In European trade this...
Read MoreMay 16, 2025·Alasdair MacleodGold consolidates: but for how long?
Perhaps global economic ills will be put on pause for the summer. But the entire investment world will be looking for the dip to buy the best performing asset of recent months — GOLDIn a continuing consolidation, gold and silver sold off this week. In European trading hours this morning, gold...
Read MoreMay 9, 2025·Alasdair MacleodHealthy consolidation in gold and silver
After the post-liberation day volatility, all markets seek direction. However, the signs are that the negative trend for equities and bonds, and positive trend for PMs will continue in time.This week, consolidation has continued for gold and silver. In early European trading this morning, gold...
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