Gold fell 1.7% and silver fell 4.8% this week

Over the week to Friday 30 October, Gold fell 1.7% (last $3,928 an ounce); silver fell 4.8% (last $51.94 an ounce); platinum fell 7.7% (last $1,435 an ounce); palladium fell 6.5% (last $980.35 an ounce); copper fell 0.2%. For copper, the figures are those of exchange-traded funds that hold futures, used as proxies because futures prices are not in our data plan, so they can differ from the spot price.

StocksXray's model reads 0 of these 5 markets as bullish and 4 as bearish. The strongest call is Palladium: strong bearish, score -57, high confidence. Each market's reasoning and risk levels are on the commodity calls pages.

Over the past year gold has moved with the US dollar (the link has been negative, -0.46, and the driver has been rising over three months), US equities (the link has been positive, +0.44, and the driver has been falling over three months), US real yields (the link has been negative, -0.37, and the driver has been rising over three months). These links describe the past and are not a forecast.

In the CFTC positioning report dated 27 October, large speculators sit at 28 on a 0 to 100 scale for gold (0 is their most short in the past 104 weeks, 100 their most long).