http://www.biiwii.blogspot.com
http://www.biiwii.com
Very active overnight trade and volatility apparently driven by events in Wisconsin, Ireland, Libya, New Zealand, and Motel 6 (The Fed, as JM says, 'They always leave the light on'). The facts are generally benign with GSR slightly elevated ~42.50 and RSI minimally easier ~65.40. Gold open interest is higher but continues to have significant headroom until some pundit rolls out a frothy participation analysis that the great unwashed are now playing in the golden sand box. Gold option vols are finally up a couple of ticks ~15 and I grudgingly credit the March silver options with extraordinary 58.5 vol that expire tomorrow for dragging us into the current cocktail hour. The silver mob is hysterical with the continuing sagas of massive shorts at JPM, runs on the COMEX warehouse, and CFTC complicity in some great fraud. So, Today? Perhaps time to reread the Jeffersonian observation above, deal with the facts, and as I closed with yesterday, recognize that there are a lot of people world-wide, in fact even some in our country, understanding that they have a voice and opportunities. If you need a target please continue to focus on the former all-time highs in the mid $1430s.
