Gold and silver caught a sharp bid on the London PM fix and NY open, probably an adjustment from the smack down yesterday that coincided with the demise of the December contract. See calendar below.
These 'technically' oriented sharp moves up and down are a symptom of what is wrong with the Comex, which will ultimately lead to a failure on the exchange of some sort.
Silver moved out of the warehouses as it tends to do. Gold, not so much. Plenty is 'delivered' but little is taken. The reckoning will come when the music stops. Until then the dancing must continue, because there is money to be made at it.
It just matters how long, and how wild the swings might become, as the divergence between world of paper in New York and London and the bullion exchanging hands in the real world more violently divergences, and how it converges again.
What could possibly go wrong?
Have a pleasant evening.
Cena Trimalchionis: The Feast of Trimalchio, Wealthy Vulgarian
'The Feast of Trimalchio' is from The Satyricon by Titus Petronius, which many consider to be the first Western novel. It was an unusual form and subject matter, both a fictional story and satire about the dissolution of contemporary Rome.
As you may recall T. Petronius, Nero's arbiter eligantiarum, made a fictionalized appearance as a minor character in the novel Quo Vadis by Henryk Sienkiewicz.
Petronius never made any quote about business reorganization. A false quote made the rounds some time ago.
