Gold is slightly higher today while silver is modestly lower, despite crude oil trading lower and the U.S. dollar strengthening. Both implied Gold and Silver EFPs on WatchGold remain relatively elevated compared with the London OTC market, something I continue to watch closely. CME reported approximately 32,000 ounces of gold moving into CME warehouses. That makes sense given the December Gold EFP continues to trade at a meaningful premium to the London OTC market. When the economics favor New York, there is an incentive for banks and market participants to move physical metal into CME warehouses and potentially capture that premium. I have also been highlighting for the past week the large concentrations of open interest in GLD options. Some of those strikes were triggered during last week's precious-metals rally. As GLD moves through heavily concentrated strikes, option-related delta hedging can potentially add momentum to the underlying move. Another interesting development is implied volatility. Following last week's rally, 1-month ATM implied volatility has moved higher. Gold is now around 25% and silver around 45%, approximately 5 volatility points above the lows we saw last week. The market is clearly pricing in the potential for larger moves. So what am I watching from here? Elevated EFPs, metal moving back into CME warehouses, higher implied volatility, and GLD options positioning all suggest there is still plenty going on beneath the surface of the precious-metals market. After last week's strong performance, a little consolidation would not be surprising. More importantly, I want to see whether gold can hold its recent technical gains and whether silver can resume its momentum. As I have been saying, patience remains important—but I continue to become more constructive on the underlying price action. Take a look at the latest data and charts on WatchGold.org and let me know what you think. This commentary is provided for educational purposes only and should not be considered investment advice.