As one may deduce from the Commitments of Traders, some of the Hedge Funds and a couple of the Banks are playing the short side of the metals.
And as you may recall, today is the end of the quarter, as the markets will be closed tomorrow for Good Friday.
My usual take is that they are slamming the metals to make their mark to market look better for purposes of enhancing their results, and bonuses.
As Bishop Lazarus of Cyprus was said to have observed of a thief absconding with a pot, 'clay stealing clay.'
Bloomberg TV has been running a little show called "Is the Gold Bull Run Over?" They trotted out that crusty prune Jeff Christian, who declared that 'gold will be flat to down for the next two years.'
Let's see how all that works out.
In the meanwhile, the metals are under pressure, and the SP 500 desperately reaches for a new high.
With regard to the funds, we see the somewhat unusual event of a negative premium on CEF, and pressure on the metals overall.
Have a happy and joyous Easter. I may post the charts later, but will otherwise see you Sunday evening.
