Stocks and Precious Metals Charts - Metals Mugged on Comex Option Expiration - Biden Picks Yellen for Treasury

 

"Like liberty, gold never stays where it is undervalued."

J. S. Morrill 

 

"Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold."

Leo Tolstoy

 

"Then the kings of the earth, their nobles and their commanders, the rich, the powerful, and every one of their willing slaves and free men, hid in the caves and among the rocks of the mountains.  And they cried to the mountains and the rocks, 'Fall on us, and hide us from the face of the one who sits on the throne, and from the righteous anger of the Lamb.'" 

Revelation 6:15-16

 

The metals got mugged the day before the important December options expiration tomorrow. 

Since this is a holiday shortened week the hit occurred a little earlier and harder than one might expect.

But it may not be over yet. 

There is still tomorrow to clear out some more punters. 

But I did caution several times about this significant option expiration and the traditional manipulation of the metals in their biggest contract month.

So what.  Get right, sit tight.

A good chunk of physical changed hands in Hong Kong, where inventories are once again down to the bottom of the barrel. 

The Dollar was up marginally, although well off the overnight lows.  Well done Wall Street.

Stocks moved a bit higher, led by non-tech and the broader markets. 

Biden has announced Janet Yellen as his pick for Treasury Secretary. 

For those of you who have inquired, Tony Sanders is still in hospital, now out of critical danger, but not  well enough to be mobile.   Lack of oxygen remains an issue. This pandemic is serious business.

Stock a fork in Donnie.   He is done, despite all the posturing and increasingly clumsy attempts to block and overturn the voting count and certifications.    And the fantastical stories of secret strategies spun in the blogosphere and 'lost cause' sound machine. despite the comic legal efforts of his crew.

Like most everything else in politics these days, it's mostly theater, and playing to the crowd, while the oligarchy grows increasingly audacious behind the scenes. 

But that's reality show business.   While the band plays on.

Have a pleasant evening. 

 

Thoughts on a Sunday Morning

"Rejoice in the Lord always; and again I 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 

 

 "The blessed John the Evangelist lived in Ephesus until extreme old age.  His disciples could barely carry him to church and he could not muster the voice to speak many words.  During individual gatherings he usually said nothing but, 'Little children, love one another.'   The disciples and brothers in attendance, annoyed because they always heard the same words, finally said, 'Teacher, why do you always say this?'  He replied with a line worthy of John: 'Because it is the Lord's commandment, and if it alone is kept, it is sufficient.'" 

Jerome, Commentary on Galatians, 4th century 

 

"In the Incarnation the whole human race recovers the dignity of the image of God.  Thereafter, any attack, even on the least of men, is an attack on Christ, who took on the form of man, and in His own Person restored the image of God in all.   Through our relationship with the Incarnation we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our familiality with all mankind." 

Dietrich Bonhoeffer 

 

"I have learned how to be content with whatever I have. I know how to live on almost nothing, or with everything. I have learned the secret of living in every situation. And I have learned to be thankful, whether empty or full." 

Phillipians 4:11-12

 

Remember us, O Lord, in thy loving kindness and tender mercies, as ever they have been from old." 

Psalm 25:6

 

"Holiness consists simply in doing God's will, and being just what God wants us to be.  Our Lord does not look so much at the greatness of our actions, or even at their difficulty, but at the love with which we do them.  Without love, deeds, even the greatest, count as nothing.  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 of His grace."

Thérèse Martin de Lisieux

 

These are the three great gifts:  repentance, forgiveness, thankfulness.

 

Dürer, Saint Jerome In His Study

 

Stocks and Precious Metals Charts - Sloppy Trade for an Options Expiration - Thanksgiving in Sight

 

"When a man takes an oath, he is holding his own self in his own hands, like water. And if he opens his fingers then, he need not hope to find himself again." 

Thomas More 

 

"Nemesis, the goddess of retribution and vengeance, the punisher of pride and hubris, waits impatiently for her meeting with us." 

 Chalmers Johnson 

 

"It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought." John Kenneth Galbraith 

 

“There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.” 

Søren Kierkegaard

 

Stocks attempted to rally but went out on the lows. 

Gold and silver rallied, but then gave some of it back in the afternoon. 

Let's see if their support holds next week.

Today was a stock option expiration, and the market action seemed to be heavily influenced by that.

Next week is the December contract metals option expiration on the Comex. 

Have a pleasant weekend. 

 

Stocks and Precious Metals Charts - Scams and Shenanigans

 

"The government is the potent omnipresent teacher.  For good or ill it teaches the whole people by its example.  Crime is contagious.  If the government becomes a lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy." 

Louis D. Brandeis 

 

“Hate obscures all distinctions.” 

C. S. Lewis 

 

“The greatest hazard of all, losing one’s self, can occur very quietly in the world, as if it were nothing at all. No other loss can occur so quietly; any other loss - an arm, a leg, five dollars, a wife, etc. - is sure to be noticed.” 

Søren Kierkegaard, The Sickness Unto Death

 

Stocks were slumping today on the bleaker news about the Covid, but managed to turn it around and finish higher into the close.  

Gold and silver dipped once again, and seemed to find a footing along an established point of support on the charts. 

Look at the chart and see what happened around the last big expiration. 

Let's see how well the miners and metals make it through the option expiration tomorrow, and the Comex metals option expiration next week. 

A little physical gold managed to flow into the Hong Kong warehouses, taking the inventories up from abysmal to merely inadequate. 

Have a pleasant evening.