Gold (Cash Index): The cash index (GCY00) closed August at $3,447.93, a new record high monthly close. The previous all-time high for the Index is $3,495.89 from April 2025. Theoretical Positions: It’s possible investment traders bought near the October 2023 close of $1,983.91 as previous short positions were stopped out. There have been numerous buys, mostly on new 4-month highs, since the key bullish reversal completed during November 2022. For those arguing gold has reached a technical top: The market is not a technical trade at this point but rather a fundamental safe-haven market against increased global uncertainty.
Silver (Cash Index): The cash index (SIY00) extended its major uptrend to a high of $39.9690 during August before closing at $39.7416, up $3.0183 (8.2%) for the month. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April 2024. If so, sell stops might’ve been triggered below the previous 4-month low of $28.7926 during April 2025, resulting in a gain of $3.02353 (11.7%). New buy orders might’ve been triggered above the previous 4-month high of $34.5382 during June.
Copper (Cash Index): The copper index closed August at $4.5105, up $0.1220 for the month. Theoretical Positions: It’s possible investors moved to the sidelines in late July, liquidating long positions and adding to the pressure in the market to close out the month. Technically, I do not have a good read on copper at this time, though the big picture continues to look like a major uptrend.
