Those who were looking to pick up gold and silver on the cheap at the Comex option expiry ambush were left standing on the platform as the precious metals train left the station yesterday.
So what next? Expiration is tomorrow and the in-the-money calls will be rewarded with new futures positions. I have seen plenty of instances where the wiseguys ran the stops on those metal futures on the day after expiration. The US also has a GDP number coming out that day. So I would not consider the metals group 'safe' yet.
I do think that we are gearing up for quite a run in September, but we'll be keeping one eye on the equity market and the other on the Fed.
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"It is rather for us to be here dedicated to the great task remaining before us — that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion — that we here highly resolve that these dead shall not have died in vain, that this nation under God shall have a new birth of freedom, and that government of the people, by the people, for the people shall not perish from the earth.” Abraham Lincoln, November 19, 1863