From the Desk of Ian Culley @IanCulley
Gold is running into supply.
Whether the former 2011 highs still hold any psychological significance doesn’t matter.
Gold bulls continue to find an overwhelming amount of sellers at that level. This will remain the case until demand absorbs supply.
How long will that take? It’s anyone’s guess – maybe weeks, perhaps even months or quarters.
The point is, gold needs time.
Meanwhile, silver futures are coiling within a tight range…
Check out the daily chart of gold’s crazy cousin:
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