Indeed, nothing happened at the Comex expiry. I think in my piece on the gold markets, I had a quote, "the market with the greatest leverage sets the price".

So I guess we had it demonstrated to us. The financials wanted cash (by selling gold on the Comex), and the paper gold / derivatives markets are perhaps 100 or 1000 times larger than the spot market, so the tail once again wags the dog. I'd be interested to know how many owners took delivery of actual metal, but that volume might be 0.1% of the paper gold, so no movement on price. That outcome was one of the three options I outlined.

It'll make me just one step more skeptical of "gold bugs" like John Embry, a gold perma-bull.

Silver lining: I see the TSX is down about 10% today, but the Venture exchange only 3.5% when I looked last.

News - I'm pretty sure KXL management will continue to sit on drill results for a long time, basically until the sellers peter out and the market turns around. The US dollar is still overbought and with the Fed looking to buy treasuries (announced today, but guessed by the bloggers 3 weeks ago), the demand for dollars will be sustained.