The US dollar popped a bit higher today but then gave it all back in the afternoon.
That helped the precious metals denominated in the buckeroo a bit.
Gold managed to stick a close over 1270. Another 20 points or so higher would be better still.
Silver was tagging along for the ride. This is not a particularly active month for silver.
There was another disgorgement of their house gold position by Macquarie yesterday. I have not gone back and added them all up, both the buys and the sells, but it looks from an eyeball estimate that they have been getting beaten up over that very public position they had taken, and have already given the greater part of it back.
Don’t play poker against the house on their own table, and especially when they make you play with all your cards exposed, while they deal themselves from the bottom of the deck into a well hidden hand.
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