The chart with the 405-day cycle should not really please the Gold bugs. But a downward cycle in the second half of the year does not necessarily mean that all the gains from the first half have to be lost again… just remember Summer 2023… And the most important question will only be answered at the end of the next cycle: Will the high hit rate even remain???
The premium in the Gold price between Shanghai and the western markets has recently narrowed to 1%…
However, Silver still pays around 11% more in Shanghai than in London or Chicago…
The number of outstanding Gold ETFs in China remains at a very high level. Chinese investors remain loyal to their Gold investments…
Investors in the West continue to sell their investments in Gold ETFs. The number of outstanding ETFs is still decreasing…
There is still no interest in Silver ETFs in the West either…
But the supply of Silver on the Shanghai Futures Exchange has recently fallen dramatically…
According to Smart Investors Action, the consolidation of investors in Shanghai should soon be over. There are clear signs that there is less distribution…
The After Open Action also indicates that the consolidation could soon be over…
In London/Chicago, investors continue to accumulate massively in the background – but cautiously without pushing the price…
…and the After Open Action in the West is positive again…
Even if the Silver price has consolidated recently, there has been further strong accumulation in the background…
And the After Open Action suggests that buyers will soon be more aggressive again…
Even the Balance of Power, which measures the forces between the bulls and bears, suggests that the bulls could soon take over the control again…
Silver has recently disappointed somewhat compared to Gold. Let’s hope that this was only of a temporary nature…
The Platinum price has also fallen back more sharply recently. But the accumulation of smart investors has never really stopped in the background and is picking up again…
Moreover, investors never really became pessimistic…
Here too, the After Open Action shows that the bulls are taking control again…
Palladium, on the other hand, is likely to continue to disappoint. Smart Investors indicates that investors are still not interested…
This is also reflected in the performance comparison with Platinum: Palladium is unable to build up any strength of its own…
And on the COMEX, the short positions of investors (non-commercials) are being further expanded…
Still on mining stocks: According to Smart Investor Action, there has been massive distribution recently. The fact that the mining indices have not lost more ground can also be interpreted as a sign of strength… In any case, this distribution pressure should also decrease here from now on…
Confirmation also comes from the After Open Action…
