What’s up with gold and silver?

10/22/2021 AM

In the absence of any other discernible factors, we are going to attribute gold and silver’s sharp climb this morning to short-covering that began during the early hours of the US trading session. (Note volume increase in the daily chart below.) Trading was relatively subdued overnight though both metals showed minor strength. We will update if any other news of significance surfaces. As to what may have prompted the short-covering, the factors listed in this morning’s DMR (immediately below) might be a good place to start.

bar chart showing gold price and volumes 10-22-2021
Chart courtesy of TradingView.com


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