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Gold Daily and Silver Weekly Charts - Forget Greece, Eyes On the Options

IMG Auteur
Published : June 23rd, 2015
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FOLLOW : China Gold Greece Silver
Category : GoldWire

Today was certainly interesting.

Gold was hit fairly hard on the news that there is a 'deal with Greece.'

Stocks rallied, but then gave up quite a bit of it in the close.

And silver never really moved except for a little fakeout and then trended higher. What is up with that?
I think at least part of the reason is the huge open interest for gold in August.  And the expectations of a China announcement in the Autumn about their official holdings.
The structure of the options contracts is rather interesting as well.  There are quite a few option contracts in gold that are structured around the 1200+ level for the July 2015 calls as shown below.
I didn't see today as a fundamental move as much as a 'technical trade.'   The Bucket Shop will have its due.
Have a pleasant evening.




Data and Statistics for these countries : China | Greece | All
Gold and Silver Prices for these countries : China | Greece | All
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