Ed Steers Gold & Silver Daily / Casey Research 1/22/2015 | Wednesday Market Analysis GOLD The gold price rallied in early Far East trading on their Wednesday morning before getting capped in heavy volume around 2:30 p.m. Hong Kong time. It got sold down about six bucks from there, but once the noon London silver fix was in, the price rallied anew as the dollar index began to roll over in earnest. Then someone hit the sell precious metals/buy the U.S. dollar button at the 9:30 a.m. EST open of the equity markets in New York---and shortly before 10:30 a.m. the gold price was at its low tick of the day---and back below the $1,300 spot level, which had it had breached to the upside in afternoon trading in the Far East earlier on their Wednesday. It recovered about ten bucks of that sell-off by 2:30 p.m.---and quietly sold down a bit during the remainder of the electronic trading session. The high and low tick were reported by the CME Group as $1,307.00 and $1,284.60 in the February contract. Gold closed yesterday in New York at $1,292.90 spot, down $1.30 from Tuesdays close. Net volume was way up there once again at around 177,000 contracts. SILVER The silver chart for the Wednesday trading session was a virtual carbon copy of the gold chart---and it was obvious that the silver price was headed for the moon and the stars before that not-for-profit seller put in an appearance at 9:30 a.m. in New York. The high tick in silver came at the same time as golds, but silvers low tick occurred shortly before 9 a.m. Hong Kong time. The low and high were reported by the CME Group as $17.915 and $18.505 in the March contract. Silver finished the Wednesday session in New York at $18.11 spot, up 13.5 cents from Tuesdays close. Net volume was very chunky at 54,000 contracts. PLATINUM & PALLADIUM Platinum got sold down the moment that trading began in New York on Tuesday evening---and then chopped higher, hitting its high tick shortly before 10 a.m. in Zurich. The price held in there until 9:30 a.m. EST as well---and after the sell-off, the price traded sideways into the close of electronic trading. Platinum finished the day at $1,269 spot, down 9 bucks from Tuesdays close. Palladium rallied five dollars or so in morning trading in the Far East---and then hung in there until Zurich opened at 4 p.m. Hong Kong time, which as 10 a.m. Europe time. It was all down hill from there, until 2 p.m. EST---and then it traded more or less flat into the 5:15 p.m. close of electronic trading. Palladium was closed at $765 spot, down 9 bucks on the day. USDX The dollar index closed around 93.04 late on Tuesday afternoon in New York---and began to head south the moment that trading began in the Far East on their Wednesday morning, with the 92.25 low tick coming at 9:45 a.m. EST in New York. Ten minutes prior to that, a buyer of last resort had shown up to catch the falling dollar knife---and also kill the rally in the precious metals. The dollar index topped out at 93.05 just minutes after 12 oclock noon EST---and started drifting lower once the COMEX trading session ended, finishing the day at 92.71---down 33 basis points. I certainly would like to know what happened inside the U.S. dollar index between 9:20 and 9:45 a.m. EST---as the volatility was off the charts for a bit. GOLD & SILVER STOCKS The gold stocks started in the plus column, but couldnt hold on because of the seller of last resort in the metal itself. The shares hit their low at golds low---and then rallied quietly, but unsteadily for the remainder of the Wednesday session, as the HUI closed down 0.92%. Despite the fact that the silver price spent all of the New York trading session in the plus column, that state of affairs didnt extent into the silver equities, as they followed a path almost identical to their golden brethren---and Nick Lairds Intraday Silver Sentiment Index closed down 0.28%. The CME Daily Delivery Report showed that 54 gold and 34 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. In gold, the only short/issuer was JPMorgan out of its client account---and Canadas Scotiabank and Credit Suisse stopped 41 and 12 contracts respectively. In silver, Jefferies was the short/issuer on 28 contracts---and Scotiabank stopped 32 contracts. The link to yesterdays Issuers and Stoppers Report is here. The CME Preliminary Report for the Wednesday trading session showed that gold open interest in January increased by 25 contracts---and now stands at 115 contracts---minus the 54 contracts mentioned above. Silvers January o.i. is now down to 37 contracts---and 34 of those were posted for delivery on Friday as per the previous paragraph. Surprisingly enough, there was a withdrawal from GLD yesterday, as an authorized participant took out 57,622 troy ounces. But when it comes to the SLV action, words fail me. I must admit that when I checked the iShares website early yesterday evening, I wasnt sure what to expect, although unchanged or a small deposit wouldnt have surprised me. But what I found was one of the biggest one-day withdrawals in my memory, as an authorized participant took out a stunning 6,749,403 troy ounces. What the #$%& is going on??? Since January 1, 2015---11.3 million ounces of silver have been withdrawn from SLV---and from the beginning of December, just under 32 million troy ounces of silver have been taken out---about 1,000 tonnes of the stuff. United States Mint There was only a tiny sales report from the U.S. Mint, as they only reported selling 2,500 troy ounces of gold eagles. COMEX There were no in/out movements in gold worthy of the name at the COMEX-approved depositories on Monday. Once again it was a big day in silver, as 717,077 troy ounces were received---and 148,096 troy ounces were shipped out the door for parts unknown.. #gold #silver #platinum #palladium #preciousmetals #USDollar #USDX #stocks #goldstocks #silverstocks #HUI #GLD #SLV #DailyDeliveryReport #contracts #futures #USMint #GoldAmericanEagle #GoldBuffalo #SilverAmericanEagle #RCMint #GoldMapleLeaf #SilverMapleLeaf #Comex #CME #EdSteer #GoldAndSilverDaily #CaseyResearch
Posted on: Thu, 22 Jan 2015 17:37:08 +0000
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