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Alasdair Macleod: Silver becomes the star
By Alasdair Macleod
Head of Research
GoldMoney, Toronto
Friday, March 15, 2024
After a powerful up-move last week, this week gold had a minor correction. Silver's upward momentum continued through to Wednesday before it ticked off the top. In European trade this morning gold traded at $2168, down $11, and silver at $25.05, up 65 cents.
The feature of these markets is the extraordinary extent to which bullion is leeching out of Comex.
... Dispatch continues below ...
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So far this year 95 tonnes of gold have moved from establishment hands presumably into the Other Reported category. But the real surprise is silver, which by this morning had 1,201 tonnes stood for delivery.
Normally, these deliveries are merely the shuffling of ownership in Comex-registered vaults. However, the evidence suggests that silver is actually being transferred with a view to being physically delivered outside the vaulting system. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/silver-stars-2024
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