Looks Like There's a Whale Snapping Up Gold Bullion Below $1,800

2.7.22 - Someone is Snapping Up Gold Below $1,800

Gold last traded at $1,820 an ounce. Silver at $23.04 an ounce.

NEWS SUMMARY: Precious metal prices rose Monday on bargain-hunting and a flat dollar. U.S. stocks traded modestly higher boosted by upbeat quarterly earnings reports and a better-than-expected January employment report.

Bloomberg--"Spot gold is again bobbing along near $1,800 an ounce, as it has been since mid-2020. The stickiness of that level, particularly as fundamentals turned more bearish, suggests there's a big buyer somewhere in these waters.

Since breaking above the round number in July 2020, the gold price dipped below it 19 times on a closing basis, only to regain its footing...Clearly, there is a big buyer who considers the metal a long-term hold.

Such whale activity, which shows up neither in ETF holdings nor in futures positioning, would require a substantial buyer, accumulating in size in the London over-the-counter market....

That would suggest that whoever is buying is able to buy in scale, leave little footprint in the market and then take delivery and store the metal in secure, invisible vaults. And that points strongly toward a sovereign buyer."