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Chasing Beta On Light Volumes - Metal Prices Slump on an Option Expiration

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Published : November 26th, 2019
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Category : GoldWire

"Honest, industrious, peaceful citizens were classed as bloodsuckers, if they asked to be paid a living wage.  And they saw that praise was reserved henceforth for those who devised means of getting paid enormously for committing crimes against which no laws had been [or could be] passed.  Thus the American dream turned belly up, turned green, bobbed to the scummy surface of cupidity unlimited, filled with gas, went bang in the noonday sun."

Kurt Vonnegut, God Bless You Mr. Rosewater

"Isn't it a riddle and awe-inspiring that things can be so beautiful, despite the horrors?  I've seen something wondrous peering through my joy in the beautiful, a sense of its creator.

Only people can be truly ugly, because they have free will to separate themselves from this song of praise.  It often seems they may drown out this hymn with cannon thunder, curses, and blasphemy.  But I have realized they will not succeed.  And so I want to throw myself on the side of the victor.”

Sophie Scholl

The saddest words in any language are those of irreparable regret, that come to haunt us in our last hours, 'If only...'

It was a risk on day in a big way today, as all the major stock indices ran up and out on new highs.

Optimism about China, and trade, and impeachment, and the economy all drove 'money on the sidelines' to try and 'catch up by investing' in risk assets at these bloated price levels.

If you were buying today it was not so much investing as banking on the greater fool theory and the quiet low volume markets in a trade-shortened week.

Gold and silver were lower, as befitting a major Comex option expiration.

We may get another gut check in the metals, given the quiet trading this week and the size of the December metals contracts.

On the brighter side, I have begun sous vide part deux today. The target this time are baby back ribs. Cooking time is about 24 hours at 155°. The ribs were vacuum sealed with a dry rub, a little brown sugar, a dash of liquid smoke, and a dash of bourbon early this morning and left in the fridge.  After they are done they will be quickly seared under the broiler or on the grill.  I'll let you know how it comes out.

The time grows short, shorter for some of us. And the powers of this world are never at rest, but prowl like ravening wolves, seeking to devour us.

Do not spend so much time looking at the other fellow and judging them harshly. First look to yourselves, and practice putting your own hardened hearts and foolish desires aside, for His sake.

The night approaches, and it is almost time to come home.  Do not be left out in the dark.

Have a pleasant evening.

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