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Alasdair Macleod: Sentiment is now positive for gold
By Alasdair Macleod
GoldMoney, Toronto
Friday, August 14, 2026
There's a sea-change underway in investor attitudes toward gold and silver. Markets now see growing risk to the dollar as a consequence of oil supply disruption.
When America first attacked Iran on February 28, gold and silver prices declined -- gold from $5320 and silver from $93. Admittedly, both were vulnerable to a severe bout of bull market indigestion, which was hardly propitious. But the suggestion of deferred interest rate deductions appeared to work against precious metal prices. Meanwhile, the equity and other bubbles continued to be inflated by free-flowing credit.
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Just about the only sensible arguments as to why this was the case veers toward conspiracies: bullion banks using febrile investor psychology that they should liquidate their positions before they lose even more. Sentiment became about as negative as it could get, with open interest on Comex falling to exceptionally low levels. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/sentiment-now-positive-for-gold
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