"Let Ahab beware of Ahab."
Herman Melville, Moby Dick
As a reminder, next Tuesday the 28th is an option expiration on the Comex in the precious metals.
The set up in the market is interesting. I wonder who, net-net, is really holding the big physical short underpinning that inverted pyramid of paper?
Qui est le trompeur trompé?
"A baited banker thus desponds,
From his own hand foresees his fall,
They have his soul, who have his bonds;
'Tis like the writing on the wall...
"When other hands the scales shall hold,
And they, in men's and angels' sight
Produced with all their bills and gold,
"Weigh'd in the balance and found light!"
Jonathan Swift, The Run on the Bankers
"He who sells what isn't his'n
Must buy it back, or go to prison."