The bear squeeze pauses despite war drums beating

The shorts on Comex took the day off yesterday, being the Juneteenth National Independence Day. But their problems continue nevertheless…

In European trade this morning, gold was $3350, down $85 from last Friday, while silver was $36.00, down 30 cents after a high of $37.31 on Tuesday. Yesterday was a US public holiday, so Comex dealing later today should be quiet. And it was interesting that in the absence of US dealing, gold and silver declined.

In recent trading sessions, gold and silver have trended higher in US trading hours, and a lack of follow-through has been evident in Shanghai. This reverses the established pattern of greater interest shown in Asian markets than in London and New York. That point made, silver appears more exposed to a selloff than gold as the two charts of price and Comex open interest demonstrate.