Craig Hemke, Founder and Editor of TF Metals Report, joins us to break down shifts in gold and silver market dynamics. Gold continues to trade around the $3,300 level with extreme daily volatility, yet Commitment of Traders (CoT) data is revealing highly unusual trends. Craig also shares his insights into whether banks and commercials are now positioning themselves for a long-term trend change in the gold market.
In this interview, we focus on:
- Why the traditional COT patterns are reversing – Commercials are buying and covering shorts, while speculators are selling, even during a strong price rally.
- Implications of falling open interest despite gold’s $500 move higher since February, and what that signals for the strength of the current bull market.
- Balancing ETF inflows – Over $21 billion moved into gold-backed ETFs in Q1 2025, yet Craig explains why this is still a relatively small amount in the broader financial system.
- Silver’s lagging performance – Despite gold’s breakout, silver remains stuck, and Craig outlines the key catalysts needed for silver to finally join the rally.