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Alasdair Macleod: Summer doldrums for the monetary metals
By Alasdair Macleod
GoldMoney, Toronto
Friday, June 5, 2026
Over the last six months, gold and silver are barely changed. Investors are losing patience. It's time to stand back and examine the big picture and ignore short-term sentiment.
As our introductory chart shows, gold and silver are barely changed on the year. As a measure of investor sentiment, North American investors sold down 12 tonnes in gold exchange-traded funds in the last two weeks of May, according to the World Gold Council. Doubtless, this week they sold some more.
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This is one proxy for market sentiment. This indifference is also reflected in open interest on Comex, which has collapsed to the lowest levels for decades, even lower than at the end of the 2011-16 bear market when sentiment was extremely negative, and from which the current bull market commenced. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/summer-doldrums
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