The Phaserl


Better tone for volatile gold

by Alasdair Macleod, Gold Money:

On Wednesday the price moved between down $25 on the latest opinion poll on the Swiss referendum, then recovered to $23 before falling again on the release of the Fed’s FOMC minutes. However, despite these unsettling swings gold rose on the week by about $30 overall, making it two weeks in a row as shown in our first chart.

Open interest on Comex also continued to increase, which is healthy because it indicates fresh buying instead of bear-closing (closing of existing short positions should lead to a contraction of open interest).

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