"Like liberty, gold never stays where it is undervalued."
J. S. Morrill
"Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold."
Leo Tolstoy
The metals got mugged the day before the important December options expiration tomorrow.
Since this is a holiday shortened week the hit occurred a little earlier and harder than one might expect.
But it may not be over yet.
There is still tomorrow to clear out some more punters.
But I did caution several times about this significant option expiration and the traditional manipulation of the metals in their biggest contract month.
So what. Get right, sit tight.
A good chunk of physical changed hands in Hong Kong, where inventories are once again down to the bottom of the barrel.
The Dollar was up marginally, although well off the overnight lows. Well done Wall Street.
Stocks moved a bit higher, led by non-tech and the broader markets.
Biden has announced Janet Yellen as his pick for Treasury Secretary.
Stock a fork in Donnie. He is done and overdone, despite all the posturing and increasingly clumsy attempts to block and overturn the voting count and certification.
Like most everything else in politics these days, it's mostly theater, and playing to the crowd.
But that's reality show business. While the band plays on.
Have a pleasant evening.
