This morning, gold and silver ventured into new high ground after a week of minor consolidation. In early morning European trade, gold was $3650, up $64 from last Friday’s close and 39% since 1 January. Silver was $42.15, up $1.17, and 46% higher over the same respective timescales.
In their particulars, the factors driving gold and silver differ. In gold’s case, speculator demand is beginning to build, evidenced in open interest (the black line) in the chart of the Comex contract below:
