Gold Closes 14th Straight Week Over $2,000
GOLD CLOSES 14th STRAIGHT WEEK ABOVE $2000
Closes on High of Week
ZH observes: Gold ended the week with its best day in February, up 6 of the last 7 days to close at the highs since the start of the month...
The march was orderly all week, with only today seeing acceleration…
The weekly chart is looking suspiciously like a Bull Flag…
Most significantly, spot has closed 14 weeks straight north of $2000 in that same time frame…
This market is being accumulated again no doubt about it. Bids underneath are keeping a floor under this market, and shorts are being forced to cover more frequently. We can also confirm our previous reporting the long macro players who bought December 3rd and for days afterwards had expressed their opinions with options.
As noted in our CITI report analysis
Bullish gold options structures put on in late 2023 or early 2024 are decaying as vol realizes poorly and call skew cheapens
They have almost all liquidated now. This is extremely significant in that the market has stayed above $2000 that whole disinvestment cycle.
Meanwhile, Comex continues to bleed physical to China and parts unknown own:
This is why druck and now Elliot (an activist mgr) are buying miners
— VBL’s Ghost (@Sorenthek) February 23, 2024
This… is… why… 👇 https://t.co/up3U2c9fXx
CTA Overview
Funds covered again with no new longs...
Silver was the same, but players are selling silver to buy gold again...
They want the gold