August 20, 2024 - (Gold Market Wire) - As readers here know, we don't like to put too much stock in the events of the last two weeks of August. This could be COT having fun, of course - but there is enough on the political landscape to warrant such a move as well....farcical Democratic convention... absurd Presidential election looming... wars emerging everywhere.

Our position has been to stay out of it from the trading side, and we have. The move across $2500 for Gold looks decent, but we won't chase the market up here. Perhaps an opportunity missed. Time will tell. Our core position, reduced by 15% near the top of the last rally was a good move, that now looks not so good. The balance is there for the long, long, term, and is doing its job.

Our buying target was missed by a small amount... ah well, you can't get them all. Silver is starting to pick up, a bit late to the game. The 50-100 day moving average cross has been fought off, but Silver is still lagging gold.

Touching 90 was just a bridge too far. So either Gold calmed down, or Silver had to rise. The latter made more sense. The downtrend is still there in Silver, but the market is much more focussed on Gold. We remain firm in the belief that sometime in the next year, that will drastically change, and Silver will be the place to be. But with war being the focus - its tough to knock gold off the pedestal.

We have little to add as we can't see getting a position on here. September/October is going to be a whirlwind this year, and if anything, we'd like to see if we get an equity market sell-off to drag the metals down and establish some length. Right now, we are flat. A little disappointed from the trade side, but chasing usually leads to bad positions.