Gold Daily and Silver Weekly Charts - Day After Option Expiry and FOMC Tomorrow

Gold was hit for a pullback today, which was no surprise since it was the day after an option expiration and tomorrow is an FOMC day.

Silver was a bit more resilient but both metals are stalling here a bit below the important breakout levels that will validate an intermediate bottom.

There was no action in or out of the COMEX warehouses yesterday.

As shown in the article below, the Wall Street Journal said that Central Banks are cutting purchases and that gold is fading from the investment picture.  

You will forgive me if I doubt this.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - IBM to the Rescue On October 29

Weak economic news was a drag on stocks for most of the day.

During the trading day IBM announced a big addition to their stock buyback program.

IBM helped to push the Dow and the SP higher, and turned a poor day into another drift higher.

Tomorrow we will get the FOMC rate decision.

Nothing new is expected.

Today was the 84th anniversary of Black Tuesday, 29 October 1929.

Paper Gold Versus Physical Gold

Thanks for this from a tweet by KoosJansen and a stalwart Floridian reader.

What leverage?  Who said anything about leverage?