Silver Pops on Early September Deliveries

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Silver got a nice little pop on over 6500 contracts for September delivery. There isn’t a whole lot of open interest left on COMEX for silver, but we could see more standing for delivery as the month rolls on.

I don’t expect this to be a huge month like July, but it could be a nice one that keeps silver around $29-$30. Gold had some nice delivery early on in September as well, but not to the extent silver did. We could challenge $2000 again, but will have to look at the change in short positions for early September coming this Thursday.

The COT data will not be available until tomorrow. October has some interesting potential for gold and we could see it punch through and stay above $2000 an ounce then. Of course if we have a black swan economic event at any point in the last few months of the year, all bets are off on what gold price could look like.

 

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