What did I miss or have I blundered into a parallel ground-hog day world? First impressions: Turnover hardly invigorating, open interest unchanged, prices unchanged and beginning to smell, option volatilities now lower than I can recall (14ish) and isn't that a text-book portent that no one has visions of a 'move' either way? Yet some how most pundits are accelerating their fevered perspectives that something is afoot in the fog and filthy air. GSR has eased to ~45.10 reverifying our liquidity case. Last week's COT figures showed a modest reversal of the unusual trend of the past month as the large specs got bashfully long and the commercials after 4 weeks cheaply reduced longs and increased shorts. Silver continues curiously backward and there is no need to elaborate on the impact that provokes for physical supply (two tiered pricing?). While borrowed gold leases are slightly higher they have yet to manifest a similar reversal in gold's contango. Today: Even when the signals are verily mixed, that brew can quickly kindle its own energy...don't be short.
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