The precious metals were remarkably quiet again at
The Bucket Shop®.
There were no gold contracts taken, and although there were 242 silver contracts stopped, customer to customer, which is much more than we have seen so far in this off month for silver, I don't see any particular significance to it. Sometimes some metals sites do go overboard with trumpeting these little jiggles. Maybe something is there, but not that we can see yet.
There was intraday commentary last night about the setup for a short squeeze in the metals titled
Spec Flambe. I do think that we will see more about this, and I will be watching the Commitments of Traders composition a bit more carefully for the next few weeks.
It is unusual for the private speculators to be so short this market, and it generally gives the commercials, the professional market makers and takers, to give them a bit of a run.
I suspect today was a lot of gold bulls taking profits ahead of the weekend. Profits have been so scarce that one can hardly blame them.
I have included the economic calendar for next week below. GDP seem to be the biggest thing.
We will have a precious metals option expiration on Wednesday the 26th which may be more of a thing for silver than for gold.
We had a nice rally off an oversold bottom this week. Follow through is everything, so eyes on next week.
It is hard to believe that the end of Summer is nearly in sight, and the harvest time. We will be reaping what we have sown soon enough.
Please try to remember the poor, and those who have none to care for them. And for each other, in our daily thoughts and prayers. Life can be hard for everyone, but particularly for those who are burdened by the emptiness of their own hardened hearts, broken by disappointment, and lost in a misunderstanding of what it is to be human and to love. Theirs is the greatest poverty of all.
Have a pleasant weekend.
