Ed Steers Gold & Silver Daily / Casey Research 7/19/2014 | Friday Market Analysis GOLD The gold price showed signs of going parabolic in what had all the hallmarks of a no ask market shortly after trading began at 6 p.m. EDT in New York on Thursday evening. But, as I mentioned in The Wrap yesterday, da boyz were at the ready---and within a couple of hours, the gold price was in full retreat. The low tick came about 9:15 a.m. in New York yesterday morning---and from there the price chopped quietly higher until shortly before 2 p.m. EDT. From there it traded basically flat into the 5:15 p.m. close. The high and low tick were recorded by the CME as $1,325.50 and $1,305.00 in the August contract. Gold closed in New York on Friday at $1,310.90 spot, down $7.30 from Thursdays close. Volume, net of roll-overs, was around 98,000 contracts. SILVER The price pattern in silver was similar, except the sell-off after the price spike in New York on Thursday evening was much more intense---and the spike low didnt occur until around 11:40 a.m. EDT in New York trading. The price bounced back quickly, but then traded quietly higher into the close. JPMorgan et al obviously wasted little time in getting silver back below the $21 spot price mark. The high and low tick were recorded as $21.315 and $20.78 in the September contract. Silver closed in New York yesterday at $20.89 spot, down 27 cents from Thursdays close. Volume, net of July and August, was 36,000 contracts. PLATINUM & PALLADIUM Platinum spiked up as well, but also got sold down until about noon in Zurich. The subsequent rally ended/got capped shortly before 9 a.m. in New York---and from there it got sold down to its low of that day, around 1 p.m. EDT. From there it rallied a few dollars into the close. Platinum closed down 13 bucks on the day. The palladium price chart was a mini version of the platinum price chart. Palladium closed down only 5 bucks from Thursdays close. USDX The dollar index closed at 80.53 late on Thursday afternoon in New York and, like Thursday, didnt do much during its respective trading session. It chopped sideways in a 2 basis point range until around 9:40 a.m. EDT, when a spike took it up to 80.68---but by 2 p.m. it was back to unchanged on the day---and thats where it closed, at 80.53. Thats the third day in a row that the dollar index has closed at that value. Heres the 3-day chart so you can see it for yourself. GOLD & SILVER STOCKS The gold stocks gapped down a bit less than 2 percent at the open---and then chopped sideways until the 1:30 p.m. Comex close. A rally commenced at that point which lasted right into the close, as the HUI cut its losses on the day to only 0.30%. It was more or less the same chart pattern in the silver stocks, but because da boyz were more aggressive with silver to the downside, the rally off their 1:30 p.m. lows was only able to get Nick Lairds Intraday Silver Sentiment Index back up to a loss of 0.70%. The CME Daily Delivery Report showed that 25 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. I was happy to see that after two days of withdrawals from GLD, there was an increase yesterday---as an authorized participant added 57,741 troy ounces. And as of 8:16 p.m. EDT yesterday evening, there were no reported changes in SLV. To tell you the truth, dear reader, Im not expecting to see any deposits into SLV for a considerable period of time, as the authorized participants are still attempting to cover their short positions in lieu of metal they never deposited during the June rally. United States Mint / Royal Canadian Mint / Monnaie Royale Canadienne The U.S. Mint had a tiny sales report yesterday as 1,000 troy ounces of gold eagles were sold---and 30,000 silver eagles. Month to date the mint has sold 24,500 troy ounces of gold eagles---4,000 one-ounce 24K gold buffaloes---and a pitiful 1,025,000 silver eagles. Ted Butler nailed this a month ago, as its obvious to anyone who wishes to objectively examine the U.S. Mint data, that silver eagles sales have crashed by at least two thirds in July, as the big buyer that has been sucking up silver eagles [and Canadas silver maple leaf] for the last several years, has obviously stepped away from the table for the moment. Whether this is going to turn into a permanent withdrawal remains to be seen---and because the Royal Canadian Mint only provides quarterly sales reports for their bullion products---we wont know whats going on there for about another three months. But the crashing silver eagles sales dont bode well for silver maple leaf sales going forward, either. Its certainly my suspicion that its the same buyer at the trough in both. COMEX Over at the Comex-approved depositories on Thursday, there was a decent amount of gold received---103,561 troy ounces to be exact. Virtually all of it went into the Manfra, Tordella & Brookes, Inc. depository. Nothing was reported shipped out. The link to that activity is here. It was another big day in silver again, as nothing was reported received, but 999,492 troy ounces were shipped out the door. All the activity was at the CNT Depository---and HSBC USA. #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: Sat, 19 Jul 2014 16:53:47 +0000
Trending Topics
Recently Viewed Topics
© 2015