Ed Steers Gold & Silver Daily / Casey Research 10/16/2014 | Wednesday Market Analysis GOLD As has been the case recently, gold got sold down a few bucks right at the open of Globex trading at 6 p.m. EDT in New York on their Tuesday evening. From that point it chopped lower in fits and starts, hitting its low tick shortly after 9 a.m. BST in London on their Wednesday morning. The price didnt do much until the London silver fix was done at noon BST---and then away went the price to the upside. The rally gathered more momentum at the Comex open, but at 9:40 a.m. EST, the powers-that-be hit the Sell Precious Metals/Buy the Dollar Index as the gold price was about to go no ask, at the same moment as the dollar index was going no bid. At that moment, the Dow was already down 370 points. Da boyz had the gold price back in the box within 30 minutes. However once the London p.m. gold fix was in, the price rallied anew, but began to get sold down starting just before the 1:30 p.m. Comex close---and from about 2:45 p.m. EDT onwards, the gold price traded flat into the close of electronic trading. The low and high ticks were reported by the CME Group as $1,222.00 and $1,250.30 in the December contract. Gold finished the Wednesday trading session at $1,241.10 spot, up $8.90 from Tuesday---an well off its high. Net volume was over the moon at 243,000 contracts, so it should be obvious to all and sundry that JPMorgan et al threw whatever Comex paper was necessary at this rally to make it go away. SILVER The silver price action, with the odd minor exception, was almost the same as the gold rally, so I shall spare you the play-by-play. The low and high ticks were recorded as $17.02 and $17.82 in the December contract---an intraday move of just under 5 percent. Silver closed yesterday at $17.445 spot, up 5.5 cents. Volume was enormous as well---62,500 contracts, as the technical funds covered some of their short positions---and JPMorgan et al were more than willing sellers in order to stop the rally in its tracks. PLATINUM & PALLADIUM The chart for platinum looks suspiciously familiar as well---and the da boyz even managed to close platinum down 9 dollars on the day. The palladium chart, up until the powers-that-be hit the Sell Precious Metals/Buy Dollar Index button, looked the same as the other three precious metals. But at that point the HFT boyz and their algorithms went to work---and palladium got pounded for 26 bucks, finishing the day a few dollars off its low tick. USDX The dollar index closed late on Tuesday afternoon at 85.88---and then didnt do much until it began to fade a little starting just before noon in London. The roof caved in at the Comex open, with the 84.62 low tick coming at 9:40 a.m. EDT. Da boyz pumped it back up to around 85.25 by the London p.m. gold fix---and from there it chopped lower into the close, finishing the Wednesday session at 84.87---down 101 basis points. As I said yesterday---and will repeat myself again today---it should be obvious to anyone with two synapse to rub together that the dollar would have crashed---and taken the stock market with it, if the Plunge Protection Team hadnt intervened when they did. But all theyre doing is delaying the inevitable. GOLD & SILVER STOCKS I guess one should be thankful that the gold stocks opened in the black, hitting their highs of the day at the point where the Dow was down 370 points, which was ten minutes after the markets opened. They stayed in positive territory until the gold price got turned over starting about 10 minutes before the Comex close. They rallied off their lows during the last forty-five minutes of trading---and the HUI closed down only 0.19%. The silver equities traded in a similar pattern, but the rally at the end of the day took their shares back into positive territory, as Nick Lairds Intraday Silver Sentiment Index closed up 1.09%. The CME Daily Delivery Report showed that 1 lonely gold contract, along with 14 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. Jefferies was the short/issuer for the second day running. The link to yesterdays Issuers and Stoppers Report is here. The CME Preliminary Report for the Wednesday trading session showed that October open interest in gold declined another 20 contracts---and is now down to 967 contracts. Silvers October o.i. increased by 5 contracts up to 188 contracts, from which one must subtract the 14 contracts mentioned in the previous paragraph. Over at GLD yesterday, an authorized participant withdrew 67,298 troy ounces, which was about 9,000 more ounces than was deposited on Tuesday. And as of 9:59 p.m. EDT yesterday evening, there were no reported changes in SLV. United States Mint There was no sales report from the U.S. Mint. COMEX Over at the Comex-approved depositories on Tuesday, they reported receiving 19,933 troy ounces of gold, most of which went into JPMorgans vault. Nothing was reported shipped out.. In silver, nothing was reported received, but a very chunky 1,564,962 troy ounces were shipped out, with almost all the activity coming at the Brinks, Inc. and Scotiabanks vaults.. #gold #silver #platinum #palladium #preciousmetals #copper #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, 16 Oct 2014 16:11:58 +0000
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