Silver slapped back, Gold hangs on.
Okay, I know everyone has been eying the action of gold, and particularly silver, today. So all the news links I had tripped across today, I’ve just flushed because I know the main question is, what happened?
Well, I’ve been promoting and tracking gold and silver on a little corner of my desktop (and often my cell phone) for a while now with ExactPrice, and I have to say I was not surprised in the least. I wasn’t surprised because I’ve seen this action before on many option expiration days. It’s the sort of thing that when you see it enough you can’t help but think there isn’t some major gaming of the system going on by huge companies (read banking). And so, you just get out of the way and watch.
I will say that the very telling thing to me is that gold hung in so well, and is right now at $1,502.10. That is pretty interesting to me. Buying came in at $1,494 and stopped the bears cold it would seem.
Of course the real volatility looks to have been in silver and that is not a bad thing. I have been wanting a correction in silver for days now. In the long run I think that will be healthy for both it and the yellow metal.
Tomorrow should prove interesting with the FED television spin machine cranking into gear. This I think is going to be one fun week.
Stay tuned, as the old saying goes. And you might want to put on a hard hat and some steel toe boots.