Ed Steers Gold & Silver Daily / Casey Research 8/8/2014 | Thursday Market Analysis GOLD Very little happened in either Far East or London trading on Thursday. The low tick of the day, if you wish to dignify it with that name, came at the 10:30 a.m. morning gold fix in London. From there it struggled about $5 higher---and then popped for another $6 just before lunch in New York. After that, the price didnt do much. The low and high ticks were recorded by the CME Group as $1,303.00 and $1,316.40 in the December contract. Gold closed in New York at $1,313.00 spot, up $7.10 on the day. Volume, net of August and September, was heavier that I would have like to have seen it at 134,000 contracts. SILVER The silver price didnt do much yesterday---and by the end of the day it was closed back below the $20 spot price mark. The low and high ticks arent worth the trouble of looking up. Silver finished the Thursday session at $19.945 spot, down 6 cents from Wednesdays close. Net volume was on the lighter side at only 29,000 contracts. PLATINUM & PALLADIUM Platinums rally attempt in Far East trading ended just before 1 p.m. Hong Kong time. From there it got sold back to unchanged just before noon in Zurich. The subsequent rally took it to its 1 p.m. EDT high---and from there it traded flat into the close. Platinum closed up $15 on the day. It was more or less the same chart pattern for palladium, except it got sold down just before 2 p.m. Zurich time---and stayed down before rallying just before lunch in New York. All the price action was done by 1 p.m. EDT---and it traded flat after that. Palladium closed up $7. USDX The dollar index closed at 81.43 late on Wednesday afternoon in New York. From there it traded a few basis points lower until around 12:30 p.m. Hong Kong time. It rallied in fits and starts to its 81.63 high, which came at 10 a.m. EDT in New York. From there it got sold down---and gave up half its gains, closing at 81.53---which was up 10 basis points on the day. GOLD & SILVER STOCKS The gold stocks started off in the red, before rallying barely back into positive territory by noon in New York when gold had its little rally. From there, the gold stocks flopped and chopped around, finishing the Thursday session basically unchanged, as the HUI closed up a miniscule 0.03%. But thats better than the alternative. Despite the fact that silver was down most of the day, their associated equities followed a similar path as golds---and Nick Lairds Intraday Silver Sentiment Index closed up 0.29%. The CMEs Daily Delivery Report showed that 500 gold and 11 silver contracts were posted for delivery within the Comex-approved warehouses on Monday. The only short/issuer was Barclays out of its client account. The two biggest long/stoppers were JPMorgan with 237 contracts for its client account---and Barclays with 103 contracts for its in-house [proprietary] trading account. The link to yesterdays Issuers and Stoppers Report is here---and its worth a look. The Preliminary Report for the Thursday trading session showed no change in August open interest---and it still sits at 2,615 contracts. You can subtract the 500 contracts to be delivered on Monday from that number, but that still leaves a bit more than 2,000 contracts open in August. Ill be interested in who the short/issuers are when they step out of the weeds. There were no reported changes in GLD yesterday---and as of 7:37 p.m. EDT yesterday evening there was no reported changes in SLV. But when I was editing todays missive in the wee hours of this morning, I noted that an authorized participant added a very chunky 2,159,154 troy ounces to SLV. I would guess that the deposit into SLV on Wednesday, plus the one yesterday, was used to cover an existing short position. And if youre looking for a name, it would be JPMorgan. United States Mint The U.S. Mint had a tiny sales report. They sold 1,000 troy ounces of gold eagles---and 500 one-ounce 24K gold buffaloes. COMEX It was pretty quiet over at the Comex-approved depositories on Wednesday. Only 5,464 troy ounces of gold were reported received---and in silver, 200,754 troy ounces were shipped out. #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: Fri, 08 Aug 2014 16:24:56 +0000
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