Metals Minute 23: Precious Metals Trends
Gold and silver continued their upward trend from last week, with gold up 6/10 to $1752 and silver up 2% to $25.52. Platinum has taken a pause, down 4% to $1192, and palladium is up 2% to $2721, amidst news that the flooded Russian mine is now coming back online.
Looking at the 1-yr mark, we see gold is up 1%, silver up 62%, platinum up 52%, and palladium up 22% since this time last year.
It is reported in the metals community that Bank of America entered a short position for physical silver, to the tune of 300,000,000 ounces, borrowed last year for $18/oz or less. The current price indicates they are currently over $2 Billion underwater on this trade.
All told, it is believed there are silver short positions industry-wide totaling 850,000,000 ounces. This helps explain the continued manipulation of the silver price to limit the upside.
But manipulation requires some physical silver, which has been draining from the Comex, due in part to the #Silver Squeeze movement.
Meanwhile, inflation is roaring back as the money supply grows well beyond GDP in many nations, including the United States.