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Alasdair Macleod: A year in review for gold and silver
By Alasdair Macleod
GoldMoney, Toronto
Friday, December 27, 2024
Gold rose and silver rose moderately in quiet trading during Christmas week. In early morning European trading today, spot gold was $2627, up $34 from last Friday’s close and silver at $29.70 was up 20 cents.
Close examination of price timelines during the week showed a tendency for both metals to rise modestly during Asian trading hours, with a loss of direction in European and American hours. This suggests that Asians are still quietly accumulating physical bullion if it becomes available over the Christian holiday season.
... Dispatch continues below ...
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One surprise is that option expiry for Comex January contracts passed with barely a ripple. The explanation surely is that the decline in prices during December conveniently made calls with strikes above $2,600 for gold and $29.50 for silver worthless, benefiting establishment sellers. This pressure is now behind us and all else being equal we can reasonably expect prices to rebound in January.
For the record, gold rose 26.5% and silver 25.25% since 1 January, which compares with the S&P 500 Index, which rose 26.6%. These are the comparisons likely to be made by investment allocators, who will probably conclude dismissively that there was little advantage in increasing allocations toward precious metals. That could turn out to be complacent with respect to 2025. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/a-year-in-review-2024
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