Total Gold Demand Rose By 3% In The Second Quarter

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Gold and silver continued to sell off on Tuesday, with silver making the bigger move lower this time.

The gold futures are currently down $17 to $3,360.

Meanwhile, silver is now down 79 cents to $37.24.

Hopefully, it's encouraging for at least some gold and silver investors that after another sell-off, gold is still above $3,300 while silver is still above $37. But in terms of the positioning, it is worth noting that the banks (swap dealers) still have Comex short positions, that while slightly off from the recent all-time highs, are still quite large.