24 March 2014

Gold Daily And Silver Weekly Charts - Precious Metals Comex Options Expiration on 26 March

There was intraday commentary on Banks and corporations and gaming the system here. I have added a few things to it since first posting it as is my wont when reader comments via email point out things that are either incorrect or unclear.

I appreciate the feedback, and respond to all but the very few thoughtless and/or pointlessly unproductive comments.  It is one of the reasons why I do this for feedback, but do not have a comments section which requires monitoring. I have done that on another forum, and it is just another example of how life imitates high school.

Gold and silver took some fairly obvious hits today. More gold was added to the eligible category on Friday at HSBC and more notably JPM.

As the calendar below shows there will be an option expiration for the precious metals on the Comex, Wednesday 26 March. Antics are often abounding around option expiration. I used to note them on my metal charts until it became too complex and confusing. The reaction is not always straightforward.

April is an active delivery month, and the bullion banks are bracing for it. The inventory levels do not seem overly short, given that the Comex is not much of a venue for taking physical deliveries. Ted Butler has likened it to a 'bucket shop' and that may not be far off the truth, if at all.

Look for more revelations and shocking events as the world progresses. We are in a currency war.

Have a pleasant evening.