Authored by GoldFix ZH Edit
Gold is locked-up and Silver is locked-in. The physical bullion bought and paid for by BRICS nations is not going anywhere. That collateral is locked up. Silver is locked in. It is now in the sites of Macro Discretionary fund managers who, after making a killing off being long Gold have now finally turned their gaze on Silver as evidenced by Friday’s rocket-ship rally.
Gold made new all time highs once again; its 34th of the year (but who is counting). Spot prices topped out at $2722.62 before settling $2721.55. Those prices translated to Comex December futures as $2737.80 and $2736.40 respectively on Globex last.
Silver’s rally was much more interesting. The perfect metal made new 12 year highs on a 6.4% rally closing out the week at $33.716 after touching a high of $33.759. In December futures those prices correspond to $33.925 and $33.970 on Globex. December Silver’s high of $33.97 eclipsed the high of $33.93 made in December of 2012.
One gets the sense a new era was born last Friday in both metals. For the past 10 months Silver made no significant new highs as its brother Gold kept putting up new numbers.
The truth is, Silver had still outperformed Gold for much of the year despite not making new all time highs. Friday itself was significant in that not only did Gold make a new high, Silver participated in the award ceremony. Hence it feels like a new era.1 Provided of course JPMorgan doesn't decide to downgrade miners again, as it did in 2021