The 50 Day Moving Average once again provided support for a dip in bullion. I tended to view the bear raid today as tied to option expiration in equities moreso than in the bullion itself. Mining stocks have been hot, and the call buying may have gotten ahead of itself, setting up an incentive for players to hit the metals and take down the industry associated stocks.
Although the CFTC has enabled a position disclosure trigger at 10% at which the regulators can ask a market participant to show their net swaps, the actual position limits discussion was tabled today for a future meeting.
CFTC delays tough commodity speculation crack-down
