Stocks And Precious Metals Charts - Another Precious Metals Options Expiration

Gold was hit today as expected for the options expiration, and the large open interest and short position held by the Banks.

The Dollar pretty much moved sideways.

Stocks were iffy, again as expected given the over-enthusiasm and lowballing of risks in the market yesterday.

Wash and rinse.

At some point this year I think they are going to plunge, and it could be pretty breath-taking in its scope.

I don't have many favorite things to say about the economic news, and financial news reporting today, or any news or politicians or very important people for that matter, so I won't say much at all. Power corrupts because it attracts corruptible people.

I mean, what can you say when your news is being delivered by Rita Skeeter, Effie Trinket, and the most biggest internet news aggregator site is run by a corporatist Baghdad Bob.

Well, there you are.

We *might* see gold get hit again, once or twice tomorrow and Monday. And we have an FOMC meeting next week, at which they are widely expected to cut their benchmark rate by 25 basis points.

I came in with a pretty good stock index short I put on very late yesterday and took it off intraday when it looked like stocks had dropped as much as they would, given the usual afternoon stick save. That was a nod to the likely hit on my gold position.

I will be looking to add to an existing gold position next week sometime, assuming that the antics become exhausted and the Banks have taken their pound of flesh. And not because they don't want more; they want it all and would take it if they could get away with it.

I am adding an update of the three major twists on the current chart formation in gold that looks like a 'consolidation pattern.' The patterns are all still active, but I like the symmetrical triangle best.

Let's see if any of this holds up.

Have a pleasant evening.

(Click on image to enlarge)