Gold price rebounds by more than $20 immediately following end of month shorting due to options expiration
Gold price rebounds by more than $20 immediately following end of month shorting due to options expiration by Ken Schortgen – Shotgun Economics
November 1st saw the price of gold rebound back over $1230 per ounce just two days after speculators shorted the paper price in expectation for the end of month options expirations.
Gold started off Thursday trading with a bang, and is still climbing higher after gaining more than $20 during the first few hours of the market opening.
OCTOBER 31/TODAY WAS LAST DAY FOR OPTIONS EXPIRY AND AS ALWAYS THE CROOKS RAID GOLD AND SILVER: GOLD DOWN $10.35 TO $1213/45 SILVER IS DOWN 18 CENTS TO $14.28/HUGE RISE IN LIBOR AS BANKS ARE LOATHE TO LEND TO EACH OTHER/ALSO FOREIGN EXCHANGE SWAPS COSTS ARE NOW PROHIBITIVE – Harvey Organ via Silver Doctors
Over the past month, gold has suddenly regained its place as the world’s best safe haven asset. And with market volatility expected to continue due to the upcoming midterm elections, geopolitical events in Saudi Arabia, and forecasts of a Eurozone recession, expect the rest of November to be a strong one for gold as it seeks to push towards a very tough resistance level at $1270.