A curious thing happened last week. The prices of both monetary metals have been falling for a week and a half through February 15. No, that’s not the curious part. There is no law of nature that says the prices have to go up, but if they go down it must be artificial somehow. The curious thing is that the price fell while open interest in futures rose, which is not typical of how the market has actually been behaving in recent years.
Now let’s look at the data.
Silver loses about 6.6%, and gold about 4%; thus the gold:silver ratio gains about 2.6%.
Next, let’s look at the open interest data, which is the number of futures contracts in each metal.
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