“A true opium of the people is a belief in nothingness after death - the huge solace of thinking that for our betrayals, greed, cowardice, and murders that we are not going to be judged.”
Czesław Miłosz
The action for the precious metals did not bode well, when late last night as gold drifted higher and crept over 1300 it was smacked down by some heavy dumping of contracts in quiet trade in the Globex market.
And we saw that classic back and forth sea saw today around the level targeted by that late night selling at 1290. Its a little thing after all, but it is discouraging to those who watch these daily antics too closely.
As a reminder, there is an option expiration on the Comex this week, on Thurday the 24th. Since May is an 'off month' I would not expect it to be all that significant.
As you may have read, China has opened Beijing as a third point of imports of gold, in addition to Shanghai and Hong Kong. One might suspect that the numbers so closely watched by some in Hong Kong will continue to become increasingly less relevant to that actual world trade in gold. Much like the Comex.
Big things are happening behind the scenes. But you will see only traces of their footprints in the news of the day.
Have a pleasant evening.
