Gold Daily and Silver Weekly Charts - Gloria In Excelsis Deo

The precious metals' gains from yesterday were smacked lower in the London PM fix and the NY open, as the currency reversal higher in the dollar took down almost the entire commodity index as expressed in the buck.

Gold and silver are now both short term oversold.

There was another large gold delivery 'house to house' at The Bucket Shop from HSBC/Nova to JPM. This has been the theme for this month. I would not be surprised to see JPM continuing to take the role as 'stopper' of customers standing for deliveries.

There will be a quad witching option expiration in the US equity markets tomorrow.

The weather report is for antics abounding.

And next week is Christmas.  Let's see if the annual 'Santa Claus' rally shows up.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Quad Witching Expiry Tomorrow

"Every century is like every other, and to those who live in it seems worse than all times before it... thus much of comfort do we gain from what has been hitherto, not to despond, not to be dismayed, not to be anxious, at the troubles which encompass us. They have ever been; they ever shall be; they are our portion."

John H. Newman

All the gains from yesterday were swept aside.

In a very real sense, I believe that yesterday was a wash and rinse setup for today ahead of the quad witching expiration in stocks tomorrow.

The economic news this morning continued to be dour.

Have a pleasant evening.

NAV Premiums of Precious Metals Funds and Trusts - Quad Witching Expiry Tomorrow

It appears that the Central Gold Trust, Sprott Gold and Sprott Silver have all sold some bullion to return their cash assets back into the black.

The only one that did not have to sell was the Central Fund. Although it has the currently worst discount to NAV, as it generally does, it now has one of the better cash to expense positions perhaps of these.

Weathering the storm and all that.