Gold and silver were hit pretty hard this morning. I am sure you know this by now.
The Fed and their Banks could not abide a negative reaction to their latest policy pronouncement.
So the Gold and Silver futures were crushed, and handily so.
And stocks, which were selling off for much of the day, caught a determined bid that seemed to come from futures buying that lifted those prices higher, and turned the day in the favour of the triumphant masters of money.
Huzzah!
As you may know from the calendar provided we are now getting into the active contract month of February. Today was 'first position' day for February.
Let's see if the carney game on the Hudson gets any more actual activity in the Comex warehouses and futures pits, besides the usual game of Liar's Poker.
I understand that there is a lot of bullion activity for silver in the Comex warehouses, but I think that is more likely due to CNT, which is a registered warehouse, using the Comex to get their deliveries together since they are now a major supplier to the US mint.
A correction was due, and as I took some pains to point out last week, this FOMC meeting with the option expiry the day before was likely to provide a decent test of the recent rally.
Let's see how we go next week.
