It's interesting that gold is just on its earlier record high but gold futures have broken to new highs.
I would have thought there would be more upside pressure on physical gold prices with buying in the US to beat any possible tariffs and possible selling in futures as an offsetting hedge. Not working out that way. Anyone have any ideas why?
Futures breaking higher seems pretty bullish to me.
Even more differential for silver which is still below last year's high but silver futures have already broken higher than last year's peak.
https://au.investing.com/commodities/silver
Ann: Change of Director's Interest Notice, page-10
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