More capping pressure on the metals today. With Open Interest holding steady and the accumulation patterns intact it seems more like short selling to hold down price. That can only last for so long, and is the stuff of V bottoms.
The Facebook IPO prices next Thursday and that is a 'big event' for the Street.
But let's see how Europe fares. Liquidity panics are painful in the short term. I do not favor any stocks for now, and maintain gold bullion positions with hedges. As always I do not touch any long term positions.
I have posted the Comex option dates below for the next few months. This is traditionally a heavy delivery period for the next two months, so let's keep an eye on how that goes. These low prices might be considered a gift for those seeking physical bullion.
As the swallows return to San Juan Capistrano, so the children, or I should say young men and women now, return from university and their far flung enterprises this evening.
And so the old man must take his early leave, and make preparations for their return, and especially the return of their hearty appetites.
Have a pleasant weekend.
May 24 Comex June gold options expiry
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