...Apologies to all, but I'm not done yet... London & Comex trading over the last 2 months has been as interesting & intriguing as the Ali vs Frasier 'Rumble in the Jungle' of so many years ago & I think there is a little more yet to come before, or even, just into June... Below is the CME Daily Metals Volume & Open Interest nos for Gold, May 19th.... Below that CME for 2016 June Delivery which ends next Wed 25 May... So, quite some Open Interest to be traversed by the closing date (note 1st trade date was Sept 2010!!!)
...All are aware of the sudden 'flash crashes' & have probably noted subtle changes, like 2 $10 GP drops the last fortnight right after the SGE pm fix , then London pm fix, usually another downer, but with timing a little away from what was their regular habit. Then, oddly, Comex trading coming in supportive of the GP?
... Yesty & today SGE was a pretty relaxed & quiet flatline. Just now, London pm drop of $7... May well be very interesting leading into Fed June meeting where I'm begining to lean toward a rate hike simply because they just have to end the nonsense, despite consequences. Naturally they'll deny blame & point to 2 months of the various & spurious indicators that suggested they could & should. The CBR chart also indicates an inflationary trend, perhaps just the excuse they need... In any event, I'm in the camp that GP will ride any hike out, perhaps even benefit... Not really a chartist, but the below pretty much illustrates my sentiments for what would take me several pages to explain... $1250 support seems good, maybe the SGE bottom line?
...Ever tied a ribbon to a stick & teased a kitten?... Methinks SGE is holding such a stick & been testing for reactions...Finally (sighs of relief), a serious question: Can anyone tell me what would occur if we awoke 1 morning to find that the physical SGE am fix was set $100 (+) above the previous New York close???????
...That ought to get you thinking...Cheers guys, the patience for those that bother reading, and sleep well all, just like a played out kitten, as I do....
BDR Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
