Ed Steers Gold & Silver Daily / Casey Research 9/26/2014 | Thursday Market Analysis GOLD The gold price didnt do much of anything in Far East trading until after 1 p.m. on their Thursday afternoon. At that point the HFT boyz showed up---and by shortly after the London open, had gold at a new low for this move down. From there the gold price rallied a few bucks until 9:30 a.m. in New York---and the away it went to the upside---running into resistance at the p.m. gold fix---and then getting capped at 10:45 a.m. EDT. At that point it rallied in a much more subdued manner, hitting its high tick shortly before 2:30 p.m. in electronic trading. The price didnt do much after that. The low and high ticks were recorded by the CME Group as $1,206.60 and $1,225.30 in the December contract. Gold finished the Thursday session in New York at $1,221.90 spot, up $5.30 from Wednesdays close. Net volume was enormous at 172,000 contracts, with a third of that amount occurring before the 10:30 a.m. BST London a.m. gold fix---5:30 a.m. EDT. SILVER Silver opened on the usual down tick at 6 p.m. on Wednesday evening in New York---and continued down from there, helped along by the HFT algos starting an hour before London opened. They did push silver to a new low for this moved down, but it was only by a few pennies. Silver made lot of attempts to rally after that, but you can tell by the sawtooth pattern in the Kitco chart below that the not-for-profit sellers were out and about. The high tick in New York trading came at 10:45 a.m. EDT---and that was it for the day. The low and high ticks were reported as $17.27 and $17.69 in the December contract. Silver closed yesterday at $17.50 spot, down 17.5 cents from Wednesdays close. Net volume was pretty hefty at 53,000 contracts, with just over 70 percent of that amount coming after the morning gold fix in London. PLATINUM & PALLADIUM The price pattern in platinum was far more subdued, but the low tick, like the other precious metals, came moments after the Zurich open. The subsequent rally to its high tick of the day also ran into a willing seller at the magic 10:45 a.m. EDT mark, just like for gold and silver. The price bias was quietly lower for the remainder of the Thursday session. Platinum closed lower by 13 dollars, but would have finished much higher if da boyz hadnt show up at 10:45 a.m. EDT. Ditto for the other three precious metals. Palladium traded lower right from the get go on Thursday morning Tokyo time---and was sitting at $806 spot just minutes after the Zurich open. Then it got its lights punched out by JPMorgan et al---and within an hour, the price was down to $792---and also a new low tick for this move down. It rallied back above $800 the ounce within ninety minutes, but then drifted quietly lower for the rest of the day, closing down 18 bucks. USDX The dollar index closed late on Wednesday afternoon in New York at 85.06---and when it opened on Thursday in the Far East, it moved quietly higher, but began to rally with more conviction starting at 2 p.m. Hong Kong time, an hour before the London open. It reached it 85.47 high just after 9 a.m. BST in London---and hung in there until around 9:30 a.m. EDT before selling off a bit. The dollar index closed at 85.18, up another 12 basis points. GOLD & SILVER STOCKS The gold stocks opened down a bit, but quickly rallied into positive territory, only to get cut off at the knees at 10:45 a.m. EDT when da boyz showed up to cap the rallies in all four precious metals. The stocks got sold down a bit, but rallied back as the day wore on---and the HUI closed up 0.31%, which is better than the alternative. The silver equities followed a similar pattern, as Nick Lairds Intraday Silver Sentiment Index closed up 0.36%. The CME Daily Delivery Report showed that 5 gold and 24 silver contracts were posted for delivery within the Comex-approved depositories on Monday. The link to yesterdays Issuers and Stoppers Report is here. The CME Preliminary Report for the Thursday trading session showed that 6 gold and 41 silver contracts are still open in the September contract. From that, you have to subtract the deliveries posted in the prior paragraph. Monday and Tuesday are the last delivery days in the September contract, so whats left of these numbers should show up in tonights preliminary report. With luck, we may also get First Day Notice delivery numbers for October, but its more likely that theyll show up in Mondays report---and Ill have them for you on Tuesday morning. October isnt a big delivery month in either gold or silver, so Im not expecting anything out of the ordinary as far as deliveries are concerned. There were no reported changed in GLD yesterday---and Im happy to say that the 2,397,570 troy ounces that were reported deposited in SLV on Wednesday, was not the Tuesday volume double counted---so that second deposit was legit. Where is all this silver coming from---and who the heck is depositing it? Questions with no answers at the moment---and we may never know the answers. And as of 10:14 p.m. EDT yesterday evening, there were no reported changes in SLV yesterday. United States Mint There was no sales report from the U.S. Mint yesterday. COMEX There was no in/out movement in gold worth mentioning in the Comex-approved depositories on Wednesday. In silver, there was nothing reported received---and 1,064,562 troy ounces were shipped out. Most of the out activity was at Canadas Scotiabank and Brinks, Inc.. #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, 26 Sep 2014 16:31:34 +0000