11 October 2013

Gold Daily and Silver Weekly Charts - Fear and Loathing on the Comex

The hit on gold in particular today was just blatant and obvious, as a large number of paper gold ounces were dumped on the Comex, causing the 'stop logic' to halt the trade.

Apparently Bart Chilton meant it when he said that no one would be watching the markets. As if that makes any real difference.

There was quite a bit of activity in the Scotia Mocatta warehouse yesterday, and I have included the spreadsheet below.

The net is that a little over 9,000 ounces left the dealer eligible category and the Comex warehouse complex.

These jokers are obliged for what they cannot deliver. And so they will keep doubling down until they break something I fear.

Let's see what happens.

Have a pleasant weekend.