IMHO we're seeing another period of beat downs on the PM's - gold proving more resilient than silver.
COT reports now show silver shorting is at close or new highs and I'd say on the balance of probabilities silver will go lower. Now, a Le Pen victory, nuclear war, -ve US GDP figures or some other large disruptor may change this but in lieu of that silver will go down.
I think that silver diving will drag gold down modestly as well despite it's resiliance against the comex dumping last week. I'd expect gold to come down but less so than silver and think the Gold-Silver ratio will widen.
With most goldies trading lower than when gold was last at ~$1275-85 I'm morbidly curious as to what a lower gold price will do to aussie gold equities. Interesting times and I'm still trying to get a good handle on all the factors contributing to SP discrepancies across many goldies given the gold price (ETF rebalances, manipulation, company ASICs, PM sentiment, share sentiment etc)
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