by Alasdair MacLeod
Gold Money
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 implications
[…] Last week, it was silver. This week it is gold. In European trade this morning, gold was $3416 having hit a high of $3443 in Asia overnight, up $112 on last Friday’s close. Silver was $36.25, below its Monday high of $36.88, up 23 cents on balance over the same timeframe. That leaves the gold-silver ratio at 94.
We have seen the remarkable dichotomy of gold close to all-time highs while open interest on Comex has indicated that futures remain oversold. That is beginning to correct as the next chart shows, but this contract is still in oversold territory: