Gold and silver popped this morning in New York, and then gave a bit of it back in the afternoon.
Silver is still hanging on to the 16 handle, and gold is hovering near the bottom end of a trading range between 1170 and 1230 US dollars.
There was intraday commentary on the CME futures exchange in Hong Kong here.
I have not yet made up my mind on how real this market is.
More specifically, even though it seems to require 'physical delivery' it is a thin market, and it is not completely clear to me how much of the gold might be round-tripping, how easy it might be for that to happen. Koos Jansen in particular has done extraordinary good work sorting that out on the Shanghai Gold Exchange. I do not wish to make any assumptions about the CME in Hong Kong and what the mechanics of things might be there. I don't suppose any reader are trading on the CME gold exchange in Hong Kong and can let us know.
There was also some interesting commentary on the surprising fragility in the US debt markets here.
They'll never learn.
Have a pleasant evening.
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