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…
One of the great gold opportunities and you can take a look at this remarkable company and listen to the just-released fantastic interview with the man who runs it by CLICKING HERE OR BELOW
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.
One of Gerald Celente’s greatest audio interviews ever has been released and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
ALSO RELEASED: Gold’s 7 Year Rounded Bottom Continues To Blastoff, Despite Pullbacks CLICK HERE TO READ.