"One of the charts you have strongly advised we should consider concerning the gold price is The Total known ETF holdings of gold which still appears to be declining, but now at a slower pace. I note that the equivalent chart for silver has started to turn up. A straw in the wind perhaps?"

David Fuller's view Thanks for your observations and an email of general interest.

The silver Total Known Return ETF could be 'a straw in the wind' but since there is no shortage of silver it generally lags behind gold when the yellow metal is beginning to show signs of recovery. Meanwhile, the Total Known ETF Holdings of Gold chart has yet to show any sign of a bounce although it is somewhat oversold relative to the MA.

I think gold and silver will range higher over the medium term but very few commodities are in form at this time, as you can see from the Continuous Commodity Index. Currently, it is heading for a test of the important lateral and psychological support near 500. A higher high and a clear upward dynamic are necessary to reaffirm support near current levels.