Notable Futures & Options Prelim OI
- Gold: Aggregate OI up another 10.8K bringing two-day total to +33.5K with market up 1.93%
- Silver: Aggregate OI up 4.4K to a record large 224,587.
- Pay close attention to mid-morning final for adjustments as SIK7 is in the middle of the index roll.
- Calls being Sold and puts being bought in Gold and Silver. This is not bearish. It is a sign of commitment to futures longs via buying hedges.
interactive chart HERE
- Gold rally we have experienced due to pullback in stocks, good technical, and benign rates,and weaker dollar has hit 1290 area.
- President Trump mentioned dollar strength could hurt US economy
- Despite Chair Yellen’s policies as to FED rate raising bias.
- So far nothing definite about Yellen staying on, as this also is a factor
- US.Open interest climbing still as funds re-enter second quarter allocations
- gold 466916,up again, copper 291102 more hedgers,silver up also 224587 and options also up at 1,055141,
- Lots of calls sold, puts bought for protective positions.
- Pullback profit taking likely short term, but higher moving averages,higher close,higher open interest still bullish.
- A.George Gero
- Managing Director –senior consulting group- Financial Advisor
About: The Soren K. Group of writers are currently 5 persons writing collectively. Backgrounds are professional, ranging from Finance to Banking to Real Estate. Topics include politics, markets, and Global Macro situations with a libertarian bent. Some posts are collaborative, some individually written.
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