Friday’s and Monday’s sell-offs slightly overshadowed what just happened on the monthly chart.
Front-month COMEX gold finished August roughly 9.4% higher, its strongest month since February.
Silver gained around 15%, returning to growth after two consecutive down months.
In the short term, the market is once again focused on higher yields, a more hawkish Fed, and the possibility that rates stay elevated for longer than expected. That was exactly what drove the sharp correction at the end of the month.
But after such a strong August, this is no longer just about a few good trading days. A new monthly momentum has emerged, especially in silver after two months of losses.
If the metals can hold a meaningful part of these gains despite a less favorable macro backdrop, that would be even more interesting to me.
A strong trend often reveals itself when it finally gets a reason to weaken — and doesn’t.
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