September 26…)
Gold prices rallied on the COMEX on trend today, piercing $2700/toz. for the first time in history. And for the first time in history the mind can see $3000/ toz. on this side of the of the horizon. It’s remarkably close.
In FX, the Yen was petrified, literally and figuratively. CHF, EUR, GBP, went up nicely. DXY fell but kept its distance from 100, an optic below which the press with pounce. US stock indexes made their gains overseas and struggled to hang on to half of them here.
In silver an interesting situation is developing beginning with an SLV expiration tomorrow.
SLV, the popular silver ETF did not exceed its Monday highs as heavy selling came into silver 5 minutes before the stock exchange opened. Considering the vibe of the markets, copper flying, Gold at another record high, etc I thought it odd that someone would slam silver. The CME raised margins 5% on Comex silver last week during a typically low stress period of low volume and small ranges that has characterized silver trading for months. I that was odd as well. I’ll tell you why.
Keep reading with a 7-day free trial
Subscribe to market vibes to keep reading this post and get 7 days of free access to the full post archives.