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Alasdair Macleod highlights that recent markdowns in gold and silver are a bullish indicator.
He explains that open interest on Comex contracts for both metals is currently low, suggesting that bullion banks expect investor and speculator demand to return. According to Macleod, this anticipated normalization could lead to higher prices for gold and silver.
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Macleod previously linked sharp markdowns in paper gold and silver to futures contract expiry and strategic actions by bullion banks in his recent analysis. He has also commented on currency market developments, most recently noting the yen's recovery as markets anticipate a Bank of Japan rate hike on September 18th in another report. These observations add context to his current views on precious metal price movements.