Youd think that with all this talk about suing the major bullion banks for manipulating the gold price at the London p.m. fix, that it would draw the interest of the miners, but theres nary a peep from them---individually, or as a group. And its a given the the World Gold Council and its members will be no shows for this event---just as The Silver Institute was when the class-action lawsuit was underway against JPMorgan Chase. As I stated before, all current and past members of these organizations are owned by the bullion banks, or act like they are. There is a body of opinion gathering out there which holds that all precious metal mining executives should carry little bells, like lepers in the Middle Ages, to warn respectable stockholders of their foul approach. An idea that has considerable merit in my opinion---and make em cowbells. And as I type this paragraph, the London open is a bit under an hour away. Gold, which had a tiny rally in early trading in the Far East, got sold down again---and is only up a few dollars at the moment, as is platinum. Silver is up a handful of cents---and palladium is down a buck. Net volume in both gold and silver is down sharply from this time yesterday---and the dollar index is up 8 basis points and barely back above the 80.00 mark. Yesterday was the cut-off for Fridays Commitment of Traders Report---and because it really wasnt a wild and crazy day as far as price and volume were concerned, I expect virtually all of yesterdays trading data to show up in this upcoming COT Report. And not a thing has changed in the two hours since I wrote my previous comments on trading in the Far East. Now that London has been open an hour or so, the price action is about the same, volumes are still very light in both metals---and the dollar index is still barely above the 80.00 mark. I havent a clue as to how trading will unfold in New York today, so nothing will surprise me when I check the charts later this morning. Thats more than enough once again---and Ill see you here tomorrow.
Posted on: Wed, 26 Mar 2014 19:03:49 +0000
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