By Alasdair Macleod
GoldMoney, Toronto
Friday, October 3, 2025
Comex is effectively the largest gold and silver mine, with stand for deliveries a source for bullion. The conversion of paper gold and silver into bullion is now conspicuous. It cannot last.
As our headline chart illustrates --
https://www.gata.org/sites/default/files/Macleod-Chart-10-03-2025.doc [1]
-- gold and particularly silver have had a good week with prices continuing to rise. In European trade this morning, gold was $3860, up $101 from last Friday’s close. And silver at $47.33 was up $1.30 on the week. So far this year, gold is up 47% and silver by 63%
... Dispatch continues below ...
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The question on everyone's lips: Is will it continue?
The answer appears to be in the affirmative. Look at the relation between Comex open interest and the price in the silver contract. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/where-are-the-bulls [4]
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