Ed Steers Gold & Silver Daily / Casey Research 9/20/2014 | Friday Market Analysis GOLD The gold price chopped around unchanged in a very right range during all of Far East and most of London trading on Friday---and that state of affairs lasted until just minutes before 9 a.m. EDT. At that point the selling pressure began anew---and JPMorgan et al had the gold price down to a new low by around 1:35 p.m. EDT, just a few minutes after the close of Comex trading. After that, the price rallied a few dollars into the close. The high and low ticks were recorded by the CME Group as $1,229.20 and $1,214.20 in the December contract. Gold finished the Friday session in New York at $1,216.20 spot, down $8.60 from Thursdays close. Net volume was very decent at 167,000 contracts. Brad Robertson sent us the 5-minute tick gold chart once again---and you can see the big volume spike that occurred at 10:45 a.m. in New York, which shows as 8:45 a.m.MDT on this chart. The big volume spike was on the secondary low, not the absolute low. SILVER After the obligatory down tick at the 6 p.m. open in New York on Thursday evening, the silver price never got a sniff of positive territory after that---and followed almost an identical path to gold except for the fact that the HFT boyz and their algorithms really put the boots to the technical funds, as they closed silver just off its low tick of the day. The high and low were recorded as $18.595 and $17.78 in the December contract. Silver closed in New York yesterday at $17.79 spot, down a whopping 73 cents from Thursdays close. Net volume was very heavy at 64,000 contracts. PLATINUM & PALLADIUM Platinum was up a few bucks by noon in Hong Kong trading, but that was its high---and it slowly got sold down, hitting its low about 12:45 p.m. EDT---and about 45 minutes after the Zurich close. The boyz close platinum down 9 bucks. Palladiums high was also at noon in Hong Kong---and the decline in price from there was very orderly until around 10:20 a.m. EDT. The HFT boyz and their algorithms showed up---and that was that, as they hit palladium for another 18 bucks. USDX The dollar index closed late on Thursday afternoon in New York at 84.29---and then traded flat until a few minutes after 12 oclock noon Hong Kong time---and then away it went to the upside once again. By the close of trading, the index had gained 49 basis point, everything it lost on Thursday, and closed at 84.78. GOLD & SILVER STOCKS The gold stocks opened down a bit---and continued lower, hitting their low tick a few minutes before 2 p.m. EDT, which more or less coincided with the low tick in gold. The HUI closed down another 1.69%. The silver equities also opened down a hair, but hung in there until around 10:15 a.m. before heading lower with a vengeance---and there was no recovery at all, as they close on their absolute low tick. Nick Lairds Intraday Silver Sentiment Index closed down another 3.32%. The silver stocks have now given back all of their gains for 2014. The CME Daily Delivery Report showed that 5 gold and 149 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The biggest short/issuer was Jefferies with 147 contracts---and there were about a dozen long/stoppers---and you can take a look at yesterdays Issuers and Stoppers Report linked here, if you wish to see the list. The CME Preliminary Report for the Friday trading session showed that 24 gold and 403 silver contracts are still open in the September contract---and dont forget to subtract the figures in the previous paragraph to get the up-to-date number. There was a withdrawal from GLD yesterday. This time it was 250,032 troy ounces---8 metric tonnes of the stuff. And as of 1:18 a.m. EDT this morning, there were no reported changes in SLV. United States Mint The U.S. Mint had a sales report. They sold 2,000 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and 100,000 silver eagles. Month-to-date the mint has sold 39,500 troy ounces of gold eagles---8,000 one-ounce 24K gold buffaloes---1,760,000 silver eagles---and 400 platinum eagles. Based on these sales numbers, the silver/gold ratio for the month stands at 37 to 1. COMEX There was a very decent amount of gold shipped out of the Comex-approved depositories on Thursday---160,755 troy ounces to be exact---with virtually all of it coming out of Canadas Scotiabank.. In silver, it was almost the same thing, as 282,291 troy ounces were shipped out---and with the exception of a few thousand ounces, it came out of Scotiabank as well.. #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, 20 Sep 2014 22:44:40 +0000
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