Former Bullion Banker Robert Gottlieb breaks down today’s EXPLOSIVE moves in gold, silver, & oil:
“Risk-on markets, driven by headlines around a potential resolution in the Strait of Hormuz / Iran situation.
Crude −7%+ (was down >10% intraday)
Gold +2.7% (approaching ~$4,700 June CME futures) Silver +5%
Equities higher | USD lower | Rates lower
A clear shift in tone, with rates and USD both moving in a direction supportive of metals.
What to watch today:
Silver:
Significant positioning in the SLV ETF, large open interest at the $70 and $70.50 call strikes (May 15 and June 18 expiries), totaling 150,000+ contracts.
SLV closed $65.91 yesterday
Pre-open around $69.55
Yesterday I asked:
👉 Are we seeing the early stages of a silver catch-up trade, or just short-term positioning?
On a risk-on day like today, this looks more like a catch-up move gaining traction.
Crude: Exceptionally wide intraday range, volatility remains elevated despite the sharp move lower.
USD Rates: Moving lower across the curve, a tailwind for precious metals.
Bottom line: Macro tone has shifted quickly, and silver is starting to respond.
Question: Does this move have legs, or are we setting up for another volatility-driven reversal?
For informational purposes not investment advice. #Gold #Silver #Macro“
