Gold Seasonality, Part 1: Are We There Yet?

Please say yes

Seasonality is an investment thesis that shouldn’t work. It’s just too easy. If there are regular and recurring fluctuations in demand for something, traders will simply front-run the process, canceling out the price impact. Right?

Apparently not always. Gold and silver tend to languish in spring and summer (recall the old saying “Sell in May and go away…