Loading ...beat me to it.
Gold was interesting as far as the banksters action was concerned, they had to sell a lot of long contracts to keep gold in check and cover their short positions. By my count they’ve covered around 21K contracts in the last 3 weeks after adding 50K four weeks ago. All that to defend $1800. What’s interesting is that their action seems to have decoupled from the action of the funds, and they are trading against themselves.
Who knows what it means or whether it has any predictive value. Still, silver put in a solid day and gold closed up just shy of $1800
The shares got hit hard in the afternoon with the SM, but on below average volume. GDX, GDXJ and the HUI all failing to take out their 200 dma.
Fed meeting next week. Will probably be dicey until they come out and cut 50 bips instead of 75. I suppose that’s when the real action begins.