In a word, "MANIPULATION."

The paper price appears to have been manipulated by the bullion banks on the Comex. People would buy contracts, the price would start to rise, a few more would buy and then the bullion banks would sell short enough contracts to run everyone's stops and the longs wound up losing money time after time after time.

Many longs have just stopped trading the Comex, period. With the new administration perhaps more longs are willing to try again and see what happens. Price is rising now. Perhaps it will adjust to the physical market price or perhaps the bullion banks will let everyone know they still rule the roost. Time will tell.

P.