Gold Slides to $4,389, Silver to $62.80 Into FOMC Minutes
Gold slid 0.71% to $4,389.30 on Comex today and silver dropped 1.92% to $62.80, and the move has almost nothing to do with metals fundamentals. It has to do with a lapsed ceasefire and a 2:00 PM ET data release. Underneath the tape, the positioning and physical-demand data are telling a completely different story than the price action: CFTC data through August 11 shows speculators adding to gold longs into the slide, and the World Gold Council just confirmed the strongest second quarter of central bank buying on record. This is a rate-driven pullback sitting on top of a structural bid, not a trend reversal.
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Key Takeaways Gold fell 0.71% to $…
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