Listless trade overnight with prices in a $5 buck range obviously continuing to manifest blissful and submissive woolly thinking. Don't concern yourself with elevated TED spreads, uncovered silver shorts, $1,100,000,000,000 budget deficits, Irish elections next Friday,comforting words from the 2nd most powerful person in the world, and whiffs of inflation, as we begin a 3-day weekend here a cozy secure sense that we are all far from the Madding Crowd. Even the facts send mixed signals as GSR continues to ease ~43.70 (clearly reflect continued silver backwardization); open interest in gold rose ~5,000 contracts, basis Wednesday; while gold option volatilities continue to submerge into the realm of unfettered complacency. Today do not listen to your inner Chamberlain and heed the words again of Benjamin Graham that the market day-to-day is a voting machine and absentee ballots don't count.
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