Rafi Farber: Everything’s on Fire, But Gold Uptrend Line Keeps Steepening

As gold and silver have drifted down slightly over the last 3 weeks, gold open interest has plummeted, falling by over 100,000 contracts, but so far only making about a $100 dent in the gold price, just a 4% move.

Chinese premiums for silver continue to stay at record highs, and Rafi takes a longer term view of open interest in the silver futures market. It’s not as important as it once was, though it was the main tool for silver suppression in the late 1970s. That didn’t work for long though.

And finally, the uptrend line in the gold bull market since 2015 has steepened every time it has been tagged.

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