Where are the bulls?

By Alasdair Macleod – GoldMoney

Comex is effectively the largest gold and silver mine, with stand for deliveries a source for bullion. The conversion of paper gold and silver into bullion is now conspicuous. It cannot last.

As our headline chart illustrates, gold and particularly silver have had a good week with prices continuing to rise. In European trade this morning, gold was $3860, up $101 from last Friday’s close. And silver at $47.33 was up $1.30 on the week. So far this year, gold is up 47% and silver by 63%.

The question on everyone’s lips is will it continue?