What didn’t help matters (for Gold bugs i.e.) was the fact that 24th September was the expiry day for options with a large amount of open interest near the $1000 level, which BTW, were in the money on the 24th morning prior to “the attack” at 10 a.m. EST. The big banks who wrote the contracts pummeled Gold in order to pocket the premium of whoever was complacent/stupid enough to hold them into expiry thinking that the banks were about to let go of an opportunity to pillage the little guy. 

Since we are at a critical juncture in the Gold market with what appears to be a volcanic explosion building beneath the surface to take Gold once and forever past the $1000 level, I’ll try to figure out where we are and where we are headed so we Gold bugs can navigate the shark infested waters that is the Gold market with some confidence. 

Where We Are