Gold and silver caught a sharp bid on the London PM fix and NY open, probably an adjustment from the smack down yesterday that coincided with the demise of the December contract. See calendar below.

These ‘technically' oriented sharp moves up and down are a symptom of what is wrong with the Comex, which will ultimately lead to a failure on the exchange of some sort.

Silver moved out of the warehouses as it tends to do. Gold, not so much. Plenty is ‘delivered' but little is taken. The reckoning will come when the music stops.  Until then the dancing must continue, because there is money to be made at it.

It just matters how long, and how wild the swings might become, as the divergence between world of paper in New York and London and the bullion exchanging hands in the real world more violently divergences, and how it converges again.

Have a pleasant evening.