Paper PMs sell off into every option expiry to incentivise...

Paper PMs sell off into every option expiry to incentivise people to roll forward their calls vs taking delivery (because they typically bought at high price and most futures market players are financial buyers and hedgers not looking for delivery )

last 2 days though - 25th/26th here - typically reverse that if demand is good because there’s no leverage left for sellers - so it’s pure bid sell of ounces with cash buyers taking immediate delivery and sellers having to give up their bullion

I won’t argue dxy is a zero factor

but the timing makes this more about comex market structure

as for ivr vs bml. I’ve explained it before

ivr is simple. It self markets. Bml is complex / requires a lot more skill

left to themselves ivr will generally outperform bml despite ivr an inferior business proposition in 9 of 10 probability scenarios

similar to why MS windows conquered the world vs superior open source offerings at the time

simple wins a lot because first adoption wins a lot. Most people follow herds in stocks especially

what wins the first race tends to win the second. Winners stay winners laggards stay laggards

you can change it but takes work and good execution

there’s more about trader vs investor psychology, mkt cap, exploration excitement etc

but simple vs complex is the main gist