27 August 2013

NAV Premiums of Certain Precious Metal Trusts and Funds

Gold and silver broke through the psychologically important 1400 level on Syrian war jitters, decoupling from the equity markets.

Gold ran up to 1420, which is the first big neckline on the inverse head and shoulders bottom.

Today is option expiration on the COMEX and the last delivery week in August.

I suspect that those new contract holders in the September contract from today's option expiry will be given a gut check at some time.