J. S. Morrill
"Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold."
Leo Tolstoy
"Then the kings of the earth, their nobles and their commanders, the rich, the powerful, and every one of their willing slaves and free men, hid in the caves and among the rocks of the mountains. And they cried to the mountains and the rocks, 'Fall on us, and hide us from the face of the one who sits on the throne, and from the righteous anger of the Lamb.'"
Revelation 6:15-16
The metals got mugged the day before the important December options expiration tomorrow.
Since this is a holiday shortened week the hit occurred a little earlier and harder than one might expect.
But it may not be over yet.
There is still tomorrow to clear out some more punters.
But I did caution several times about this significant option expiration and the traditional manipulation of the metals in their biggest contract month.
So what. Get right, sit tight.
A good chunk of physical changed hands in Hong Kong, where inventories are once again down to the bottom of the barrel.
The Dollar was up marginally, although well off the overnight lows. Well done Wall Street.
Stocks moved a bit higher, led by non-tech and the broader markets.
Biden has announced Janet Yellen as his pick for Treasury Secretary.
For those of you who have inquired, Tony Sanders is still in hospital, now out of critical danger, but not well enough to be mobile. Lack of oxygen remains an issue. This pandemic is serious business.
Stock a fork in Donnie. He is done, despite all the posturing and increasingly clumsy attempts to block and overturn the voting count and certifications. And the fantastical stories of secret strategies spun in the blogosphere and 'lost cause' sound machine. despite the comic legal efforts of his crew.
Like most everything else in politics these days, it's mostly theater, and playing to the crowd, while the oligarchy grows increasingly audacious behind the scenes.
But that's reality show business. While the band plays on.
Have a pleasant evening.
