Gold-Silver Trade Diverges as US-Iran Deal Sinks Oil, Data Show

Positioning is splitting between gold and silver as oil weakens after a tentative US-Iran peace deal, with traders favoring gold. According to BeInCrypto, the June 9 Commitments of Traders report showed gold buying across categories, with non-commercial longs up 1,888 contracts, commercial longs up 5,135, and open interest up 6,657. Silver positioning was comparatively muted, with non-commercial longs down 1,446 and open interest up 631. BeInCrypto cited a 30-day gold-crude correlation of -0.34 versus silver-oil at -0.15, and said the gold-silver ratio is near 61.7. Options data showed higher put-call ratios on a gold ETF, while SLV’s ratios edged toward calls.