“A man who procrastinates in his choosing will inevitably have his choice made for him by circumstance.”
Hunter S. Thompson
Why are our election choices at the end of the day so often a choice between repugnant and despicable, so often a choice between corrupt narcissists with little difference except for their marketing brand and particular sponsors?
I think most of us already know the answer.
Tomorrow is a stock option expiration for March, which as I recall is not inconsequential.
A surprising number of people contacted me via email to ask if something had happened, as gold rallied but was noticeably lagged by PHYS and some of the mining stocks.
And then later on gold was hit, giving up its gains for the day and the miners et al. knocked down a bit further.
Silver held up fairly well, but was more surprising was that the dollar had quite a poor day of it as you can see below.
Other than normal profit-taking and short selling, I would consider the possibility that the biggest options players, who tend to be the Banks and the others who play virtually every market and market cross, saw a nice opportunity to clean the clocks of the call buyers in the miners and related trades who were enthused by the big run higher sparked by the Fed.
However that is a surmise for now and there are somewhat less complicated explanations. But after all we have seen, I am much more willing to entertain the crookedness of the markets than I might have been some years ago. The options markets have become almost as bad a rat's nest as the forex markets for the retail traders.
There was negligible precious metal activity at The Bucket Shop yesterday, and just a little leakage of bullion out of the warehouses.
Let's see what happens.