Stocks and Precious Metals Charts - Godzilla - Options Expiration on the Comex

"Consequences are unpitying."

George Eliot


"Nemesis is long delayed sometimes, but it comes in the end.”

Agatha Christie

The sounds emanating from the markets and the news feeds can mean only one thing—  a page in history is turning, and a new chapter is about to begin.

Today was a precious metals December futures options expiration on the Comex. As you may recall, December is one of the biggest months for the metals futures.

That should tell you quite a bit about the price action.

Those new holders of futures contracts, thanks to holding an in-the-money call into expiration, will probably get a 'gut check' on price at some point, depending on how the numbers went. We will not know this for a day or two.

Much of the physical exchange of gold is being conducted off-market over the counter through 'Exchange for Physical' (EFP) transactions.

The real insights into the physical gold market are to be found as they can in Asia, and to some extent in London.  New York remains remarkably opaque, despite its scrupulous attention to reporting lots of details—  with a deniable linkage to the underlying reality, one might add.  Just read the disclaimer on their reports.

Is there is a risk in this lack of full disclosure?  Of course there is.  The question is whom does it advantage, and disadvantage? 

But alas, this controlling of information for advantage is the sordid tale of our society, where figures who blatantly lie to Congress are later cited as the principle information sources for claims and issues of great national preoccupation and importance.

The scene in Washington becomes increasingly embarrassing, eerily resembling the Third World.   The status quo is doubling down again and again on their perceived advantages.   And this will not be sustained.

Stocks were largely unchanged today.  The prognosticators are looking forward to a continuation of this asset inflation, without a corresponding stimulus and growth in the real economy.  And thereby it is the best of times, and the worst of times, as the saying goes.

Have a pleasant evening.

Stocks and Precious Metals Charts - Precious Metals Option Expiry Next Week - Nocturne

"And can the liberties of a nation be thought secure when we have removed their only firm basis, a conviction in the minds of the people that these liberties are the gift of God? That they are not to be violated but with his wrath?   Indeed I tremble for my country when I reflect that God is just: that his justice cannot sleep for ever."

Thomas Jefferson, Notes on the State of Virginia


"We all want progress.  But progress means getting nearer to the place where you want to be.  And if you have taken a wrong turning, then to go forward does not get you any nearer.  If you are on the wrong road, progress means doing an about-turn and walking back to the right road; and in that case the man who turns back soonest is the most progressive man.”

C.S. Lewis, Mere Christianity

And this is why the mainstream Democrats are largely unsuccessful, and functionally useless. They only wish to continue, with an excess of verbal misdirection, the abysmally ineffective and often downright damaging fiscal policies that have been taking the Western World in the wrong direction since the 1980s.

There will be a Dec Futures option expiration on the Comex for the precious metals on Monday 27 November. December is a significant month for both metals.

The US Dollar has declined significantly, without a corresponding increase in gold and silver priced in dollars as much as we might have expected.  This indicates a level of tension in the markets.

Stocks drifted higher for the half day today on very light volumes.

I have included the economic calendar for next week which is a bit lively.

On a scale of 1 to 10, with 10 being effective representatives and champions of the people, the Congressional Democrats are a 3, maybe, and the House Republicans are venal bottom feeders of the moneyed interests and corporatism.

Have a pleasant weekend.

Thanksgiving Day 2017

“Do not indulge in dreams of having what you have not, but reckon up the greatest of the blessings you do possess, and then thankfully remember how you would crave for them if they were not yours.”

Marcus Aurelius, Meditations


"We pray for the big things, and forget to give thanks for the ordinary, small, and yet really not so small, blessings.”

Dietrich Bonhoeffer


"Rejoice in the Lord always; and again I will say, rejoice; let your gentleness and consideration be known to all, for the Lord is always near.   Do not be anxious about anything, but with prayer, and by supplication, and with thanksgiving, let your needs be made known unto God.   And the peace of the Lord, which surpasses all understanding, will guard your hearts and your minds, in Christ Jesus."

Philippians 4:4-7


"Our Lord's love shines forth as much in the simplest of souls as it does in the most highly gifted, as long as there is no refusal offered to his grace."

Thérèse Martin de Lisieux

May the peace of the Lord, which surpasses all understanding, be yours always,  especially at this time of thankfulness, the counting of blessings, His tender mercies, and the celebration of life.

Stocks and Precious Metals Charts - Thankfulness

"At times our own light goes out and is rekindled by a spark from another person.

Each of us has cause to think with deep gratitude of those who have relighted the flame within us."

Albert Schweitzer


"Gratitude is the most exquisite form of courtesy."

Jacques Maritain

The Fed minutes noted that inflation remains persistently subdued.

No surprise there, since top down stimulus to my knowledge has never worked, and is certainly not doing anything now except distorting the economy with asset bubbles and straining the social fabric.

So let's pass a massive tax cut that favors, to a remarkable degree, the already wealthy.

Peak hubris.

Today was a very productive day, despite the cold and wind interspersed with fluffy clouds and sun.  It was almost a type of what life is like, with the good mixed with the not so good.

I have loaves of honey whole wheat bread baking in the oven.  I have not made this in forever, so let's see how it turns out.  It is a special request for my son, who is my joy and my consolation.   Right after Dolly of course.

I picked up a bottle of the nouveau beaujolais and intend to have it tonight. I know it is no longer 'cool' with wine drinkers.   But for many years the queen and I would spend Thanksgiving week in London, and we always would enjoy some of it, lured into the stores by the chalk board signs on the sidewalks.

Wow, the honey wheat bread is really making the whole house smell festive. And I am making the turkey broth to be used with the stuffing and roasting pan tomorrow in my handy Instantpot.

And then there is eggnog chilling for tonight, with a touch of good brandy in it. Yum-o.

To all my US readers and guests, please have a very happy and fruitful Thanksgiving Day.

And for the rest of the world, please do try to carry on without the guidance of our elites.  And for  that, you may be sincerely thankful.

May the peace of the Lord, which surpasses all understanding, be yours always, and especially at these times of thankfulness, the counting of blessings and tender mercies, and the celebration of life.

Have a pleasant evening.