June Gold closed up 11.7 at 1285.9. This was 12.1 up from the low and 1.5 off the high.
May Silver finished up 0.00201 at 0.18455, 0.0002 off the high and 0.0021 up from the low.
The bull camp might be a little disappointed in the magnitude of the upside extension in gold and silver prices today but ultimately there was an upside extension. While the dollar was weak, we suspect that outside market influences only provided marginal assistance to the bull camp. While geopolitical angst off the Syrian affair and the North Korean situation continues it is clear by the lack of upside momentum that new incendiary developments are needed to project prices even higher. While the silver market holds a relatively more overbought spec positioning than gold it has only just returned to the vicinity of the level where the last COT positioning report was measured and that recovery follows a high to low washout of $0.75 an ounce. Therefore, silver is overbought but perhaps not significantly overbought yet. At least in the short-term it is difficult to put Syria or North Korea on a back burner.