Clearly, the gold market is locked into a bearish reactionary mode relative to the dollar as the highest dollar trade since early June overnight coincided with the lowest gold trade since March 10th.

 

Unfortunately for the bull camp, gold and silver ETF holdings continue to decline, but the overnight outflow of 193,070 ounces of gold is a very large movement signaling gold is becoming "more out-of-favor"...[MORE]

 

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