TheApeOfGoldStreet
@TheApeOfGoldST
Markets are about to open soon, timing is great.
PS: September #COMEX #gold and #silver futures both have their last trading day today, September 28. October gold and silver futures reach first notice day on September 30, which is also the month-end and quarter-end close.
First notice day begins the delivery notice process. Traders avoiding physical delivery generally close or roll their October positions beforehand. Month-end and quarter-end can also bring portfolio rebalancing, adding to trading flows in both metals.
Rising yields, higher oil prices and growing expectations of further rate hikes are putting short-term pressure on gold and silver. But I believe the scale of today’s selloff has more to do with COMEX futures expiry and positioning ahead of month-end and quarter-end.
I stand with my call that we will see $75 #Silver in October. It’s gonna be tight though.