by Alasdair MacLeod
Precious metal prices traded lower this week in lacklustre trading, until Wednesday, when someone sold 10,000 gold contracts on Comex.
Before that event, the silver price had been hit hard, though Open Interest remained stubbornly high. Gold fell $14 to $1324.5 over the week by early European trade this morning, and silver from $19.30 to $18.63.
It is possible that the 10,000 gold contract sale and the price action in gold and silver was connected with option expirations on Thursday. In silver, the target would have been to make the $19 calls expire worthless, while in gold the target was probably as low as $1300.