evening wrap, october 20

market vibes

“Hey! It’s hard to make money on the highs.” Pit adage

The COMEX was like an opium dream on Monday. Silver spent the weekend in a narrow soporific range and rallied in a trance throughout the session. Gold, impatient to get back to business made new all time highs in the post and it is bid there now. Platinum rallied $50/toz and Palladium, the most brutally abused in the Friday faux rout rallied $95.00 off its lows.

October 17, in my opinion, was a typical TBTF beat down, foisted on investors by nameless short sellers. But this one was exceptional ala January 2021. Will it happen again on November 21? I think yes. The expiration risks are just as formidable in November as they were last Friday.

In addition to comments on gold, silver and stocks tonight, a high level look at oil on the lows, bitcoin sticking a landing, and things we can’t see... in the vibe.

let’s check the charts