Ed Steers Gold & Silver Daily / Casey Research 12/17/2014 | Tuesday Market Analysis GOLD The gold price began to rally the moment that trading began in New York on their Monday evening, but barely got a sniff of the $1,200 spot before getting capped---and then chopped sideways within a five dollar price range until about 8:30 a.m. GMT in London. Then things got a big friskier---and once the noon silver fix was in, gold blasted higher like a homesick angel. The HFT boyz and their algorithms were there within minutes to cap the rally---and then they really went to town once the London p.m. gold fix was in---and by the time they were done forty minutes later, they not only had the price back below $1,200---but also below Mondays closing price in New York as well. The price bounced back, but got capped around noon EST---and it chopped quietly sideways with very light volume into the 5:15 p.m. electronic close. The high and low ticks were reported by the CME Group as $1,223.90 and $1,187.80 in the February contract. Gold closed in New York yesterday afternoon at $1,195.00 spot, up $1.50 on the day. Volume, net of December and January, was huge at 250,000 contracts. SILVER The price path in silver was similar, as were all the inflection points, so I shant repeat myself. The high and low price ticks were recorded as $16.665 and $15.54 in the March contract. Silver finished the Monday trading session in New York at $15.715 spot, down another 47 cents from Mondays close. Volume, net of the December and January was very close to 80,000 contracts. PLATINUM & PALLADIUM Platinum also rallied at 6 p.m. on Monday evening and, like gold and silver, wasnt allowed to get very far. A rally began at noon in Zurich, hit its high tick at the London silver fix---and that, as they say, was that---as platinum got sold down 32 bucks from its high. A buyer at the $1,188 spot mark showed up at the COMEX close---and thats as low as da boyz could get the price. From there it rallied a few dollars into the close, finishing the day at $1,192 spot, down 7 bucks from Monday. The palladium price chart is a mini version of the platinum chart---with the high and low coming at the same time. Palladium was closed down 16 bucks on the day at $780 spot. USDX The dollar index closed late on Monday afternoon in New York at 88.43---and chopped quietly lower until London opened on their Tuesday morning. By minutes before 8 a.m. EST five hours later, the index was down to its 87.67 low tick before begin rescued. The last gasp of the counter-trend rally after that came around 2:35 p.m. EST---and the 88.13 level---and from there it chopped quietly lower into the close, finishing the day at 87.97---down 46 basis points from Monday. GOLD & SILVER STOCKS The gold stocks gapped up a bit over 2 percent at the open---and chopped lower in a broad range for the remainder of the New York trading session. They closed just off their low tick, as the HUI finished down 1.81%---its fifth losing session in a row. The silver equities gapped down at the open, but rallied into positive territory by a bit almost immediately. But that was the high for the day---and by 10:45 a.m. EST, they were down a bit over 4 percent. They rallied strongly for the next hour, but once they rolled over the second time, there was no looking back---and Nick Lairds Intraday Silver Sentiment Index closed down 3.96%. The CME Daily Delivery Report showed that 7 gold and 72 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday. The short/issuer of note was Deutsche Bank with 68 contracts. HSBC USA stopped 60 contracts. The link to yesterdays Issuers and Stoppers Report is here. The CME Preliminary Report for the Tuesday trading session showed that December open interest in gold declined by 30 contracts---and is now down to 771 contracts still open. Silvers December o.i. declined by another 14 contracts---and currently sits at 180 contracts, from which you must subtract the 72 contracts mentioned in the preceding paragraph to get a true and current picture of December silver o.i. at the moment. There was another withdrawal from GLD yesterday. This time an authorized participant took out 57,643 troy ounces---and as of 10:44 p.m. EST yesterday evening, there were no reported changes in SLV. United States Mint I continue to be amazed that the U.S. Mint is still producing 2014 silver eagles---as they reported selling another 151,000 of them yesterday. But what is equally amazing, as Ive been alluding to for the last week or so, is the fact the mint hasnt sold a gold ounce of anything, either eagle or buffalo, in the last two weeks. Not one. As Ted Butler pointed out yesterday, normally sales are brisk this time of year because of Christmas. And as Ted pointed out in his weekly review on Saturday, the mint hasnt sold any platinum eagles for more than two months now. COMEX It was a very quiet day in both gold and silver at the COMEX-approved depositories on Monday. Only 700 ounces of gold was reported received---and nothing shipped out. And in silver, nothing was reported received---and only 29,825 troy ounces were shipped out the door. #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: Wed, 17 Dec 2014 17:25:16 +0000
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