The order book suggests the money has not left so much as stepped back. Since early June a persistent stack of bids has built between 2% and 20% below spot and has stayed there, refreshed day after day. Above the price, the offer side has thinned considerably, with resting sell orders in the same band near their thinnest of the past month.
Buyers look willing, just not at these levels, and there is little supply standing in the way of a move higher. Thin books cut both ways, and they are often how a quiet market becomes a fast one.
1August 31, 2026 988
