To The Moon

Key point：Whether gold can post a meaningful new high is a key yardstick for judging whether silver is due for a sharp pullback.Driven by silver’s relentless march to new highs, gold finally showed some movement last week. However, on the one hand, even as futures made new highs, spot prices have not yet kept pace; on the other hand, the futures “new high” itself looked more symbolic than decisive. This reluctance to follow silver is concerning. Although silver has effectively been the true leader since April this year, gold’s historical status means its value still cannot be ignored.​To break its prior historical high, gold futures took two months—far behind silver—and even after the breakout, the contrast between the two is stark. When silver broke out in November, that week produced a s