Modest overnight volume within a convictionless $7 trading range contradicts the seeming flocks of camouflaged messages cautioning gold commitments as we tack on new all-time highs. GSR continues easier at ~56.30 this morning and while this level is looked on as overly satyric (as in the devil made me do it) by some who drew a line-in-the-sand when it was in the upper 60s, rest assured it remains the same leading indicator that caused no such consternation when at higher levels it brought smug informed opinions of the pending deflation. Open interest on Wednesday's monumental volume only increased 11,000 contracts (1.7%) hardly the stuff of parabolic tops. Option vols continue to inch up and at-the-monies are now around 20 and still distant from the 30 levels that in the past put hard thinking in a correctable state. Today: Let's wander through Poets' Corner and remind ourselves that life does not imitate art as in the prosaic end-of-the-world and in fact exaggerated market moves always end with a bang...and we are not there yet...even if it's Friday do not be lulled by the lazy sideways move; you are reminded that after early weakness last Friday, we managed to tack on a $25 move.
Disclosure: No positions mentioned