"When, O Catiline, do you mean to cease abusing our patience? How long is that madness of yours still to mock us? When is there to be an end of that unbridled audacity of yours, swaggering about as it does now?Marcus Tullius Cicero, In Catilinam I
There was little of note in the Comex delivery report but there was a sizable withdrawal of gold reported from storage at the JP Morgan warehouse, about a third of the total at ten tonnes. Let's see if that turns up anywhere, or is another fat finger. An individual event is of less matter than the significance of the trend. And the trends are apparent.
Wall Street is drawing pictures on the Comex price charts, and there are those who will keep their heads down and continue to read them as if it is business as usual. They will not look at the reports from the new markets in Asia. They will ignore the uncomfortable and the unfamiliar. They are oblivious to the approach of change. Quite a few do not look at all.
They do not understand what is occurring in the world's financial and monetary structures. They only know what they have seen in their short lifetimes, and in their familiar places. And they often do not respect what they do not understand. Well, this is what makes a market interesting.
Gold is moving from West to East. And therein lies both risks and opportunity, to those who will have an eye willing to see it.
There is a Comex option expiration next Tuesday the 28th, and an FOMC rate decision on the 29th. It might be a hard week for the metals bulls.
Let's see what happens.
Have a pleasant evening.
