the waiting

market vibes

January 7…)

“The big money is not in the buying and selling, but in the waiting.” Charlie Munger

Gold is trading back to its POC at $2,660.00 after a day of testing the lower end of the range on light but rising January volume and a subtle dip in OI.

I quoted Munger this morning because “the waiting” is not just about being patient holding a trade; it’s about being patient getting into one, too. This is an excellent time for the reader to observe profile development as prices compress around an ever-narrowing range where the market is willing to facilitate trade. And here we are, back at $2,660.00.

Gold will move away from this price, and the longer it stays here, the bigger the move. At times like this, you need a view more than ever. If you are bearish, try to anticipate rallies and sell them with confidence. Don’t make up your mind in the moment…know your mind now and react. January is a month when flows are predictably going into gold, so there’s an edge buying dips. If gold breaks the bottom of the range in January with Trump’s agenda getting underway…that is declarative information.

Technically, gold is at the top of a vertical trend with very low open interest and very few narratives—a void of positioning and a void of information. As Munger said, “The big money is in the waiting.”

One more thing… the point of control was circa $1,250 for six years from 2013 to 2019 and $1,800 from April 2020 to November 2022. Platinum has been trading around $1,000 for nearly eight years. Last year’s money was made and booked. This is 2025.

Oil

The first DOE petroleum reports for 2025 are due tomorrow at 10:30 EST. February WTI hit $75 again yesterday and failed in the day structure. Open interest is at an 18-month high. X posts are bullish and shrill, but product development on the NYMEX is less than compelling. Let’s have a look and find out why.