There will be an option expiration for the June contract on next Tuesday, and the active June contract will take center stage from the relatively quiet month of May.
Speaking of options expirations, a small fry at Barclays was tossed over to the FSA when he went out of his way to cheat a large and presumably important customer on an options position. You may read about it here.
Manipulation of the precious metals markets is often as blatant and obvious as what this junior joker from Barclays did. One can see it on the tape, but the omerta that surrounds the scams in the world of crony capitalism generally prevails, and nothing comes of it unless a 'very serious player' is harmed.
There are laws, and then there are the real, unwritten rules, and it is getting more blatant as nothing is done about it. It stops being an outlier and becomes 'accepted.' That is what is called moral hazard. And it is corrosive to markets and to government.
Nothing important happened yesterday in the Comex gold warehouses.
June may be an interesting month for the metals, and more likely more interesting than May.
As a reminder, the business and government of the United States will be closed for business on Monday, for Memorial Day. Try to carry on without their guidance.
Have a pleasant weekend.
