boomcession
market vibes (lots of charts)
October 17 … )
“It's funny. All you have to do is say something nobody understands and they'll do practically anything you want them to.” Holden Caulfield
ECB today looking for .25 bps at 8:15 EDT… A good amount of eco-data this morning. TIC flows at 4 PM
No news is good noose today.
In the markets
This is a very messy chart but the visual is easy. Since last October 2023, there has been a consistent pattern of falling volume and rising OI preceding, and attendant with, new rallies to new highs in gold.
Gold in the moment chart below. Perhaps this is the new new market. Human interaction has become so small price discovery doesn’t require depth for the time being. Barrick missed its sales volume again yesterday. The stock was punished. Other mininers rose. UBS raised its target for NEM to $67 (Ht JK !).
Decrepitude in silver is trending in all metrics. There is an SLV expiration tomorrow, 25 to 30 mm shares of potentially gamma sensitive strikes are not far from prices today but the resistance on October 4 to those levels will probably be equally dense. Stone X opines on the 2024 deficit
Jan Platinum above $1030 might, maybe … take a shot at $1100. OI is low enough to trend with prices if the CTAs to buy it and keep buying. Otherwise, the market stays balanced.
Don’t expect any help from gold. Apart from the COVID plunge, XAU/XPT has been straight up.
In oil, bitcoin, bonds and other markets
