Ed Steers Gold & Silver Daily / Casey Research 10/30/2014 | Wednesday Market Analysis GOLD The gold price developed a slight positive bias early in Far East trading, topping out shortly after London opened on their Wednesday morning. From that point it drifted quietly lower, before getting sold down five bucks beginning at the Comex open in New York. Minutes before 2 p.m. EDT, the price was up about three bucks off its interim 8:50 a.m. EDT low---and at 2 p.m. on the dot, the Buy the dollar index/hit the precious metals button was pushed---and that was it for the day in all four precious metals, with gold [not surprisingly] getting hit the hardest. The gold price finished about three bucks and change off its 3:35 p.m. EDT low tick. The high and low were reported by the CME Group as $1,230.40 and $1,208.20 in the December contract. Gold finished the Wednesday trading session at $1,211.60 spot, down $16.20 from Tuesdays close. Net volume was 122,000 contracts, but considering the price action, that wasnt a lot---at least in my opinion. SILVER As usual, silver got hit the moment that trading began at 6 p.m. EDT in New York on Tuesday evening---and it didnt do a thing until the 8:20 a.m. Comex open. The subsequent rally attempt---and there were a number of them leading up until 2 p.m. EDT---all got dealt with in the usual manner. Then at that point, the HFT traders and their algorithms showed up---and Bobs your uncle! The high and lows were reported as $17.315 and $17.015 in the December contract. Silver closed yesterday at $17.09 spot, down 10.5 cents from Tuesday. Net volume was the same as Tuesdays at 28,000 contracts. PLATINUM & PALLADIUM Platinum didnt do a lot during the Wednesday session, but met the same fate at 2 p.m. EDT as both gold and silver---and was closed down 8 bucks. Palladium made numerous attempts to break above the $800 spot mark, but a willing seller was always at the ready to make sure it didnt happen. The metal also got hit at 2 p.m.---and was only allowed to close up 2 dollars. It would have obviously finished the trading session materially higher if allowed to do so. USDX The dollar index closed late Tuesday afternoon in New York at 85.41. It traded virtually ruler flat until 9:15 a.m. EDT on Wednesday morning, before getting sold down to its 85.20 low at 10:30 a.m. EDT. Then shortly before 2 p.m. the index blasted higher as The Button got pushed, with its 86.03 high tick coming about 2:45 p.m. in New York. It traded sideways after that, closing at 85.99, which was up 58 basis points on the day. GOLD & SILVER STOCKS The gold stocks opened down---and were in the hole to the tune of a bit more than 2 percent by around 11 a.m. in New York. From there they rallied back to unchanged by around 1:20 p.m. Then they got clubbed on the Fed news---and barely recovered off their lows going into the close. The HUI got creamed for 4.05%. Ditto for the silver equities. The managed to rally into positive territory off their 11 a.m. New York low, but really got hammered starting at 2 p.m., although they did recover off their absolute lows. Not that it mattered much, as Nick Lairds Intraday Silver Sentiment Index got bombed for a 4.21% loss. Thats the third or fourth time this month that the shares have been hammered to the downside out of all proportion to the declines in the underlying metals themselves---and its becoming obvious that these dramatic sell-offs dont involve free-market forces. The CME Daily Delivery Report showed that there were no deliveries to report, which is not surprising since I mentioned in this space yesterday that the October deliveries for both gold and silver were done. And barring any surprise deliveries in the next 48 hours, the October deliveries in gold were reported as 1,268 contracts---and in silver it was 774 contracts, which is very decent for what is not a normal delivery month for silver. The CME Preliminary Report for the Wednesday trading session showed that there were zero contracts in either gold or silver still open in the October delivery month---and just eye-balling the remaining open interest for November in these two metals, its apparent that the November will be pretty quiet on the delivery front as well. November, like October, is not normally a big delivery month for either gold or silver, but theres always room for a surprise. First Notice Day for the November deliveries is Friday---and whatever they show, Ill have them in Saturdays column. There was another withdrawal from GLD yesterday. This time an authorized participant took out 38,450 troy ounces. And as of 10:06 p.m. yesterday evening, there were no reported changes in SLV. United States Mint There was no sales report from the U.S. Mint yesterday. COMEX There was very big in/out movement in both gold and silver at the Comex-approved depositories on Tuesday. In gold, there was 22,505 troy ounces reported received---and 89,183 troy ounces shipped out.. In silver, there was 934,767 troy ounces received---and 343,435 ounces shipped out the door for parts unknown.. #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, 30 Oct 2014 17:19:26 +0000
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