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.
Gold
Silver
“Depart from me, you accursed. For I was hungry and you gave me no food, thirsty and you gave me no drink, a stranger and you did not welcome me, naked and you did not clothe me, sick and in prison and you did not comfort me.' They answer, 'Lord, when was it that we saw you hungry or thirsty or a stranger or naked or sick or in prison, and did not care for you?' He answered, 'Truly I tell you, as you did not do it to one of the least of these, you did not do it for me.’”
Matthew 25:40-46