On the heels of some wild trading in global markets, gold closes the gap, then breaks above $1,570 as silver moves decisively over $18.

Gold Closes Gap, Then Breaks Above $1,570
January 7 (King World News) –
Ole Hansen, Head of Commodity Strategy at Saxo Bank:  “Following a bullish day on Wall Street gold managed to close the gap to $1555/oz. The 25% delta 3 month risk reversal reached a 10-year high > 5% yesterday (calls over). It highlights the current bullishness but also the s/t risks of a correction lower to the $1515/30 area.

Gold May Be Vulnerable To A Pullback

Funds increased long positions across all five metals tracked in this report…

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This in response to the rally seen in both precious and industrial metals throughout December. Gold (+20k lots) finally broke higher following months of sideways trading.

Managed Money Increases Long Gold Positions

That rally supported renewed buying in silver (+6k) and platinum (+6k) with the latter reaching a record long of 48k lots.

Managed Money Also Increased Long Positions In Silver

The geopolitical bid lifting gold this week has seen platinum fall behind with its discount to gold rising by $50 to $600 currently.

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Gold Blastoff
Gold’s 7 Year Rounded Bottom Continues To Blastoff, Despite Pullbacks CLICK HERE TO READ.

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