**Buy Season’s Full Timeline

Post Close: Silver and Gold Tactical Comment

Contents:

1. Friday’s Session

   1. Gold: Violently neutral

   2. Silver: More Bounce to the Ounce?

2. Buy Season’s Full Timeline

   1. Sell Season

   2. The Transition

   3. Buy Season

Friday’s Session

Gold: Violently neutral

Very confident of the following:

• Bullion banks are semi-aggressively covering shorts now. Every time a fund pukes, like today, they do not let it breathe much.

• Some Macro funds are indeed selling as this is sell season. But it’s getting scooped up and we do not think it’s a central bank yet