While good things are happening under the surface for gold, its lack of a strong rebound in recent months argues that such a rebound is in the future but not imminent. Gold’s steady downtrend could resume in the next week or two.
There used to be a time when we would draw down crude in December. Well there also used to be a time when we saw a draw of crude when we ran refineries over 16M b/d. Alas, those days are behind us and this is the time of more.