Here is a look at the big picture for the gold and silver markets.

Gold Is Being Challenged
November 12 (King World News) – 
Ole Hansen:  “Gold is being challenged as a trade deal looms. The recent rise in bond yields have cut the total amount of neg yielding debt to $11.6 trillion, a one-third reduction since the August 28 peak. The improved outlook has also led to a reduction in U.S. rate cut expectations…


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Conflicting news on tariffs roll back created a very volatile week for gold and silver. Ahead of Thursdays additional weakness the net longs in both had been cut primarily through increases in gross short positions. In gold the gross short jumped by 15% to 31k lots, a 22-week high. Both metals have been challenged by the recent rise in bond yields which have cut the total amount of negative yielding debt globally to $11.6 trillion, a one-third reduction since the August 28 peak. The improved outlook for has also led to a reduction in U.S. rate cut expectations.

$1,448, $1,413 And $1,380 Are Support For Gold

Despite its worst weekly decline since November 2016 gold has yet to break any major technical levels. Using retracement levels from the run up since May the levels we focus on are $1448/oz, $1413/oz and most importantly $1380/oz, the range top between 2014 and June this year.

Hansen also included some excellent charts below:

Hedge Fund Net Gold Longs And Gold ETF Holdings

Gold And US 10-Year Real Yield

Fed Funds & Future Expectations

Gold & Global Negative Yielding Debt

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