Gold Daily and Silver Weekly Charts - Triple Witching Hit on GLD and SLV, COMEX Next Week

All those happy momentum buyers of paper gold and silver, GLD and SLV, got a stiff gut check today, especially if they were playing the miners and ETFs with options, because gold and silver took a determined bear raid selloff in honor of the September triple witching expiration today. It happens four times per year.

The front month in SP 500 and NDX stock futures is now December. Can you believe it? Where has the summer gone?

Next week is the COMEX futures option expiration on the 25th which is Wednesday. So we might see the usual up and down action around that time.

Paper metals are a speculative trade, and playing them with options is gambling. And I think 'the house' cheats.

So take it for what it is worth.  If you do it, you may look forward to many days like today.

As you may recall, September is not a big delivery month and there has been a lack of serious movement of bullion in and out of COMEX warehouses the past week.  It could pick up a bit as the month closes next week, but I would look forward moreso to October and December for possible test of inventory levels.

I am already watching December gold and silver futures, which is more of a personal quirk, since they do not follow the same pattern as stocks.

As you know I have said that the empire of the precious metals cartels will fall apart from the edges first, with the core of it in London and New York to go at the last. It could happen differently, but that is what I think.

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts - Antics on the Triple Witch Option Expiration

Today was the triple witch options expiration in stocks.

I should have given you all a heads up on this, but the week has been full of personal distractions.  I assume that anyone who trades stocks and options would know this, but I forget that there are gold and silver people who can become alarmed at these sorts of technical shenanigans.

"An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year on the third Friday of March, June, September and December."

It is important to precious metal traders because of the big option interest in the paper gold and silver trades in GLD and SLV.  

As you know I think all amateurs should be out of these markets from a short term trading stance, given the low stock volume and even lower level of regulatory oversight.  We're not in Kansas anymore, Toto, this is Crooklyn.

Have a pleasant weekend.

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Gold Daily and Silver Weekly Charts - Assis sur le Rebord du Monde

Gold and silver had a choppy consolidation day after yesterday's moonshot on the Fed surprise.

It is constructive that gold and silver took out overheard resistance and nailed it, holding it today despite the chop.

The next leg higher will have to challenge the big neckline area.

I think we all got a kick out of the 'taper' speculation that started up again today.  I don't think that the Fed could have been any more clear about their criteria for a taper. 

I suspect some of this talk was done to cool some markets rally mode, and allow the wiseguys a chance to square off against this before the next move.  If you were short gold or silver yesterday was a spanking deluxe.

Have a pleasant evening.