11 May 2012

Gold Daily and Silver Weekly Charts - Facebook Cometh, So Paper Prevails



More capping pressure on the metals today. With Open Interest holding steady and the accumulation patterns intact it seems more like short selling to hold down price. That can only last for so long, and is the stuff of V bottoms.

The Facebook IPO prices next Thursday and that is a 'big event' for the Street.

But let's see how Europe fares. Liquidity panics are painful in the short term. I do not favor any stocks for now, and maintain gold bullion positions with hedges. As always I do not touch any long term positions.

I have posted the Comex option dates below for the next few months. This is traditionally a heavy delivery period for the next two months, so let's keep an eye on how that goes. These low prices might be considered a gift for those seeking physical bullion.

As the swallows return to San Juan Capistrano, so the children, or I should say young men and women now, return from university and their far flung enterprises this evening.

And so the old man must take his early leave, and make preparations for their return, and especially the return of their hearty appetites.

Have a pleasant weekend.

May 24 Comex June gold options expiry
May 24 Comex June copper options expiry
May 26 Comex June miNY gold futures last trading day
May 29 Comex May silver futures last trading day
May 29 Comex May copper futures last trading day
May 29 Comex June E-mini copper futures last trading day
May 29 Comex June miNY gold futures last trading day
May 31 Comex June gold futures first notice day
May 31 Comex June copper futures first notice day
May 31 Nymex June palladium futures first notice day
June 26 Comex July silver options expiry
June 26 Comex July copper options expiry
June 26 Comex July silver futures last trading day
June 27 Comex June gold futures last trading day
June 27 Comex June copper futures last trading day
June 27 Comex June E-micro gold futures last trading day
June 27 Comex July E-mini copper futures last trading day
June 27 Comex July miNY silver futures last trading day
June 27 Nymex June palladium futures last trading day
June 29 Comex July silver futures first notice day
June 29 Comex July copper futures first notice day
June 29 Nymex July platinum futures first notice day