Gold caught a bid today, largely driven I think by the exceptional weakness in the emerging market currencies and sustained buying of physical in Asia and the Mideast.
Silver lagged gold once again, which gives some credence to the 'flight to safety' idea.
The miners caught a serious bid which was a nice change of pace. It was interesting to see a news item that some ex-JPM bankers have raised $375 million to make some investments in the mining sector. Cheat 'em, beat 'em, and eat 'em. You keep what you kill is the creed of the Economic Hitmen.
There is quite significant overhead resistance to gold both in terms of the downtrend and the 100 day moving average.
I am sorry that I failed to mention the February gold options expiration this week. I have included the calendar for the rest of the year below.
The Comex warehouses saw no movement of gold bullion in or out.
Have a pleasant evening.
