Eric begins the week discussing the phenomenon of EFPs (Exchange For Physical) where contracts on the COMEX are being settled for the physical but out in London.
Eric says there must be tightness here because these numbers of EFPs issued are not insignificant.
Also, Eric says that if there is a rate hike in December, gold is going up regardless because of the yield curve and the long bonds, so if there is going to be selling, Eric says bring it so that he can buy even more.
Rounding out the discussion is the recap of the fundamental news in the economy, as well as talk about the mining sector, which Eric says may involve some “tax loss selling” to take the tax write off. If that happens, Eric says the price of some of the miners that are down this year could go down even further, and that means a good buying opportunity.