It’s going to be a strange two weeks ahead. On the one hand, portions of it are going to be like watching paint dry, as market participants cling to the sidelines, afraid to make any kind of commitment ahead of binary events. On the other, when those events take place (or not), all holy hell will break lose. What is it they say about battle? “Long periods of boredom punctuated by brief moments of terror.” Something like that.
As of this writing, gold is continuing to slip lower. The only options position I have at the moment is GDX puts, so that’s fine by me. I’d say medium-term support is around 1325.(more…)