$GLD and $SLV Prices as of November 11 2019 @moneymetals
10:13 AM
November 11, 2019 – Metals prices fell hard in recent days.
Speculative longs had entered the futures markets in droves hoping prices would move higher. Gold open interest, the number of futures contracts issued and active, made new all-time highs.
As usual, that proved to be an ominous signal for prices.
The bullion banks, which issued the contracts and took the short side on many of those bets, are now profiting as long investors run for the hills. They are the latest wave of people to discover, when it comes to the gold and silver futures price, fundamentals rarely matter in the short run.
Rising bond yields and a stronger dollar helped the banks pull the carpet out from under metals prices. Markets are not responding as expected to the Fed lowering interest rates, pumping hundreds of billions into the repo markets, and launching a new program to monetize federal debt.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
Speculative longs had entered the futures markets in droves hoping prices would move higher. Gold open interest, the number of futures contracts issued and active, made new all-time highs.
As usual, that proved to be an ominous signal for prices.
The bullion banks, which issued the contracts and took the short side on many of those bets, are now profiting as long investors run for the hills. They are the latest wave of people to discover, when it comes to the gold and silver futures price, fundamentals rarely matter in the short run.
Rising bond yields and a stronger dollar helped the banks pull the carpet out from under metals prices. Markets are not responding as expected to the Fed lowering interest rates, pumping hundreds of billions into the repo markets, and launching a new program to monetize federal debt.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
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