This week, the prices of the metals moved up on Monday. Then the gold price went sideways for the rest of the week, but the silver price jumped on Friday. We see a higher price of gold along with greater scarcity (i.e. cobasis, the red line), which means the price of gold is being pushed up by buyers of physical metal, not by buyers of futures (which would push up the basis, and reduce scarcity). In silver, the story is a bit less compelling. The scarcity of the metal is holding (not increasing), as the price rises. This implies there is some good demand for physical, and the price action had futures market assistance.