⛏ Gold rallies to 3-month high on weaker dollar

Three days left
Open your fridge and count the days of food inside. Most homes hold about a week. Now run the same count on the world’s copper. Outside American warehouses, the answer is three days. Three. The number you’ll see quoted is the global total, and the global total is doing something dishonest. The world’s visible copper sits in three warehouse systems: COMEX in the United States, the LME serving Europe and Asia, and Shanghai inside China. Add them up and the total looks survivable. The total is hiding a migration. Read on »

Silver price 20% August surge sends miners soaring
Spot silver reached $70 an ounce on August 21 before easing slightly, up from about $57.59 at the end of July. The rapid advance has pushed the metal beyond several banks’ full-year average forecasts while leaving it below many of their more bullish year-end targets. Silver equities have moved even faster… Read on »

Gold rallies to 3-month high on weaker dollar
The metal is also trading above all key moving averages, having broken ​above the closely watched 200-day moving average of around $4,513, a move technical analysts typically view ​as bullish. “A big factor, of course, is technical... next step is $4,700 if this momentum continues, but also I think it’s been very much driven by a drop in the U.S. dollar,” said Bart Melek, global head ​of commodity strategy at TD Securities. Read on »