Gold and silver did relatively little today, ahead of the Fed decision for October tomorrow afternoon.
Nova and JPM continue to pass bullion between their house accounts.
Silver was quiet with a little minor leakage.
Since someone has asked, I see a few pundits are predicting a 'massive selloff' of paper gold with the FOMC. I am not so inclined to believe that, but it does allow one to claim victory if it does happen, and to brush it off and forget about it if it does. Selling predictions is a dodgy business. I'll look to the facts and the reasoning, and at most ask a fellow what they are doing with their own money. As they say, 'money talks...'
October is a minor month. The big action is coming in December, and the bullion banks seem to be preparing for it with all these house transfers to JPM who now holds quite a bit of bullion in Nova's warehouse. Or one may surmise that this is the reason. Those house transfers have been most of the action in physical Comex this month.
I see things a lot closer than this, and am standing pat while I wait for the macro trend to resolve. There is certainly a possibility of a major bear raid. But as Bagehot said, 'life is a school of probabilities.'
I am still following my four retracement scenarios to see which one comes to fruition.
Have a pleasant evening.
