Silver has support down to about 42, maybe even 41, and still maintain its long term trend. I don't think it will go that far unless stocks sell off hard, or the JPMorganites pull out the stops. More likely is a snap back rally after the short term market rigging is done.
Who exactly would trade options on the Comex these days anyway? They are the distillation of all that is wrong in the futures markets.
Gold held like a champ today in the 1500-1520 range. I'll be curious to see if it can continue to hold 1500. If it does I consider that extremely bullish, setting up a move to 1590 unless there is a liquidity panic.
The FOMC is meeting and will announce their decision tomorrow. If they signal an end to QE it will likely be a red herring, but an excuse for more trading shenanigans.
The dollar continued to slump. It has not yet broken down in its steady decline, so I do not see the waterfall drop that so many have been predicting. It is possible but not probable unless something happens.
This metals action was market manipulation pure and simple, and a black mark on the regulators. See the intraday commentary here, especially the video from James Cramer about how trading desks manipulate markets.
On the other hand we have a flash of insight from Avery Goodman here, who suggests that silver (and gold) are rising because the suppression racket is falling apart.
