Market Report: Dollar under attack

As it was, gold traded in a narrow range all week, between $1245 and $1255, before dipping slightly yesterday in late trade to $1242. Silver meanwhile outperformed gold. In early European trading this morning (Friday) gold was at $1242 and silver at $18.09. The April futures gold contract is running off the board, and one would expect the bullion banks to shake out the speculators with long positions. Most have rolled over into the June contract, but remarkably, some did not, choosing to close positions, with no damage to the price. As a result, open interest has decreased significantly, which is evident in the next chart.

Given it was option expiration on Comex this week, gold and silver performed well. One would have expected the takers to mark prices down to make as many call options as possible expire worthless.

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First published here: Market Report: Dollar under attack

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