As expected, gold prices have fallen back down after briefly spiking above $1,620 last week. Prices are now in the process of retesting the lows set in February near $1,560. 

As we wrote in this week’s Chart Of The Week feature, gold exchange-traded fund holdings have plummeted by more than 4 million troy ounces since the start of the year. In contrast, silver ETF holdings have risen by 23 million to stand near record highs.

GOLD YTD Chart

Likewise, silver is testing its recent lows near $28.50

SILVER YTD Chart

We maintain our view that prices will break down and ultimately test the important triple-bottom support areas of $1,525 and $26 for gold and silver, respectively.

GOLD 2-Year Chart

Silver 2-Year Chart

Both gold and silver should continue to move in the same direction they typically do. However, we note there has been a stark dichotomy in investor interest for the two metals.

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