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Alasdair Macleod highlights the continued weakness in open interest for both gold and silver.
He observes that this trend persists while conflict is ongoing in countries associated with crude oil production.
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In earlier analysis, Alasdair Macleod linked sharp markdowns in paper gold and silver to futures contract expiry and moves by bullion banks, as detailed in this report. He has also argued that low open interest in Comex contracts may signal rising investor demand and the potential for higher prices ahead, according to a previous commentary. These observations provide context for his latest views on the metals amid ongoing geopolitical developments.