23 September 2013

Gold Daily And Silver Weekly Charts - Tomorrow is COMEX Precious Metal Options Expiry

Gold and silver were under modest pressure through the night and today as tomorrow marks the precious metal options expiration on the COMEX. Holders of in the money options will have their bets changed to contract positions tomorrow.

Depending on how that goes we will see a market move designed to test the new holders resolve up or down.

There was no appreciable movement of bullion in or out of the COMEX last Friday. September is not usually a big delivery month. October may provide more action but I think the focus will be on December.

Let's see what happens. I am laying back a bit more now waiting for the price to show us something other than antics. Those who were caught offsides by the FOMC last week have a chance now to square up if they take it.