Ed Steers Gold & Silver Daily / Casey Research 9/27/2014 | Friday Market Analysis GOLD Gold rallied unsteadily in Far East trading on their Friday---and the high of the day came with a capped price spike just a few minutes before the London open. From there, every rally attempt got sold down---and the low of the day came at 10:15 a.m. EDT, which was either at, or just after, the London p.m. gold fix. From there, the gold price rallied a bit into the close. The high and low ticks for the day were reported by the CME Group as $1,232.70 and $1,212.80 in the December contract. Gold finished the Friday session at $1,219.40 spot, down $2.50 from Thursdays close. Net volume was not overly heavy at 123,000 contracts. SILVER The silver price pattern was similar to golds, except much more subdued---and the low tick came at 1 p.m. BST in London, which was twenty minutes before the Comex open. Silver chopped higher for the remainder of the Friday session in New York---and closed on its absolute high tick. The low and high were reported as $17.725 and $17.44 in the December contract. Silver finished the trading day yesterday at $17.66 spot, up 16 cents on the day. Net volume was 35,500 contracts. PLATINUM & PALLADIUM Platinum rallied a bit in early Far East trading, but then got sold back down to unchanged and remained that way until shortly after Zurich opened. Then down it went for the rest of the day, hitting its low tick---and a new low for this move down---about 2:30 p.m. in New York. After that, the price didnt do much. JPMorgan et al finally close platinum below the $1,300 mark at $1,297 spot, down another 12 bucks. Palladium got it in the neck for the second day in a row---and I thought the smack-down just after the Zurich open on Thursday morning was egregious! But Fridays price action was even more grotesque. After hanging around the $800 mark for most of the trading session, the HFT boyz and their algorithms showed up---and the palladium price was down over $20 by 2 p.m. EDT. Then just minutes before the 5:15 p.m. EDT close, they showed up once again and carved another seven or eight bucks off the price. These guys have no shame, but they obviously have an agenda---and are just as obviously pressed for time as well. Palladium was closed at $772 spot, virtually on its low tick of the day---and down a whopping $25 on the day---3.14%. It almost goes without saying that this was another new low for this move down. USDX The dollar index closed at 85.18 late on Thursday afternoon in New York---and then didnt do a lot until around 11:30 a.m. BST in London on their Friday morning. Then away it went to the upside, with the 85.67 high coming minutes before 2:30 p.m. EDT. From there it slid a few basis points into the close, finishing the week at 85.64---up 46 basis points on the day. GOLD & SILVER STOCKS The gold stocks gapped down a bit at the open---and continued to slide from there, with the low tick coming at 3 p.m. EDT---and the shares managed to cut their loses a bit, but the HUI still closed down another 1.46%. It was more or less the same pattern in the silver stocks---and despite the fact that the silver price finished well into positive territory, the silver equities closed down another 1.35%. The CME Daily Delivery Report showed that 1 gold and 17 silver contracts were posted for delivery within the Comex-approved depository on Tuesday. The First Day Notice numbers for the October delivery month werent forthcoming, so theyll be posted on Monday evening on the CMEs website---and Ill have it for you on Tuesday. The CME Preliminary Report for the Friday trading session showed that 1 gold and 17 silver contracts were still open in the September contract---and you will carefully note that they match the numbers in the previous paragraph precisely. The September delivery month is now done. There was another withdrawal from GLD yesterday, this time an authorized participant took out 38,463 troy ounces. And in keeping with tradition, there was another deposit in SLV yesterday as 767,147 troy ounces were added. The SLV mystery continues---and deepens. United States Mint There was a sales report from the U.S. Mint yesterday. They sold 3,000 troy ounces of gold eagles---1,500 one-ounce 24K gold buffaloes---and 250,000 silver eagles. Month-to-date the U.S. Mint has churned out 51,500 troy ounces of gold eagles---13,000 one-ounce 24K gold buffaloes---and 3,050,000 silver eagles---and 600 platinum eagles. Mint sales for September so far are light years ahead of August---up over 100 percent in gold eagles, 50 percent in buffaloes---and 50 percent in silver eagles---and I can tell you that sales this week at the bullion store where I work, have been very robust. COMEX Over at the Comex-approved depositories on Thursday, there was another very decent withdrawal in gold, as 96,450.000 troy ounces were shipped out and, to the ounce, that number works out to exactly 3,000 kilobars. . It was another very busy day in silver as well, as 744,036 troy ounces were reported received---and 629,362 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: Sat, 27 Sep 2014 17:03:19 +0000
Recently Viewed Topics
© 2015