Just a quick note about today’s volatility. In short it’s not really bullish. It’s likely market’s overreaction to the event called “quadruple witching”. This is a phrase that means that 4 different types of derivatives expire (three related classes of options and futures contracts expire, along with the individual stock futures options) on this day and many market participants want to push the prices on this day to exit their positions at favorable prices. There are generally little implications of these intra-day moves on the medium- and even short-term trends.

The trend for the precious metals market remains down.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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