Gold Daily and Silver Weekly Charts - Quiet Option Expiration

Gold and silver both caught a bid this morning on a flight to safety after the key US ally Turkey shot down a Russian jet allegedly infringing on their border with Syria for a matter of less than seventeen seconds.

Russia disputes this as one might imagine.  They claim that the jet was one mile within the Syrian border.

Turkmen on the ground then shot the defenseless pilots as they descended by parachute.  And put a bow on it by shooting down a rescue helicopter that came searching for them.

Shooting a parachuting air crew member from a distressed aircraft is a violation of Article 42 of the Geneva Convention,  It is abhorred by professional military organizations as a despicable and dishonorable act.  And it is a war crime.

No worries.  Nothing to see here.  Move along.

Nothing much happened in The Bucket Shop yesterday. There were no deliveries, and only some silver leaked out of the warehouses.

Tomorrow the US markets will be open, but 'unless something happens' the markets will hit their objective by 1 PM, and the adults will leave the algos in the capable hands of junior traders.

Let's see if gold and silver get any gut checks in advance of the December contract after today's option expiration.

Here is a modest proposal.

All wars not in direct defense of US soil should be fully funded up front by a 'no exemptions' alternative minimum surtax on private incomes over one million dollars, corporate incomes over one billion, and a one-tenth of one percent tax on all Wall Street transactions, with no exceptions for The Banks or other pseudo 'market makers.'

Everyone has to do their part. The average poor Americans do most of the actual fighting and dying. Those who make the most money off these endless wars should be obliged to pay for them up front.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Traditional Thanksgiving Week Rally And More War, Huzzah!

"War against a foreign country only happens when the moneyed classes think they are going to profit from it."

George Orwell

As you may have heard, Turkey shot down a Russian jet on the Syria/Turkey border.

Turkish Syrian freedom fighters then shot the Russian pilots as they descended on parachutes, and also shot down a Russian rescue helicopter that came to search for them.

Stock shrugged this news and some fairly spirit dampening economic news, and managed to shake off deep losses to finish largely unchanged with a slight gain in the lead sled dog SP futures.

No one can say that anything can dampen the traditional Thanksgiving Week rally on Wall Street. Especially when the volumes are light, and the algos are determined to push equities up by buying the SP futures and a few key bellwethers.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds

Both Sprott Funds are estimated to have negative cash balances now. Gold has slightly gone negative but their silver trust continues to go a bit more. But as you can see, this is a tiny percentage of the overall fund assets. Still, it seems a bit odd.

Gold and silver had a 'flight to safety' bounce today as did most less risky assets in the aftermath of Turkey shooting down a Russian jet, with Syrian Turkmen then executing the pilots as they descended via parachute.

Stocks are struggling to go green. I suspect that a rally was in the gameplan for the Thanksgiving holiday week as it often is, but international events have intruded.

We must show that nothing can deter the financial asset bubble in the course of its wealth transferring rounds.

Gold Daily and Silver Weekly Charts - Comex Option Expiration

There were no deliveries in precious metals at The Bucket Shop on Friday. What a surprise.

There was a little movement in the warehouses.

There will be a precious metals option expiration on the Comex tomorrow.

We will be shifting gears into the big December gold contract at the end of the week.

The US dollar gained a little and the metals were off a little.

The US dollar long trade is a very crowded bus.

I have not yet seen a buy signal for the metals in all this.

Have a pleasant evening.