Ron Paul Says “Gold Going Up” Whether Trump or Clinton Elected

12 October 2016 — Wednesday


Gold was sold down about four bucks in early morning trading in the Far East on their Tuesday.  The low over there was set around 8:30 a.m. China Standard Time — and from there it chopped higher into the London open.  ‘Da boyz’ showed up at that juncture — and they sold the price down to about $1,253 spot by around 12:30 p.m. BST — and from there it chopped higher until about noon in New York.  The HFT boyz and their algos went to work at that point — and the low price tick of the day was set right at the 5:00 p.m. close of the thinly-traded after-hours market.

The high and low ticks were reported by the CME Group as $1,264.00 and $1,254.30 in the December contract.

Gold finished the day yesterday afternoon at $1,252.40 spot, down an even 7 dollar from its Monday close.  Net volume was nothing special at just under 116,000 contracts.1161012gold

It was more or less the same price activity in silver in Far East trading, although the rally going into the London open had all the appearances of going ‘no ask’ just before JPMorgan et al appeared on the scene, which was probably why they showed up.  From its $17.81 spot high tick at that point, it was sold lower until it hit the $17.43 spot mark, which came around 10:15 a.m. BST.  It rallied about 15 cents until 1 p.m. in London right on the dot, but wasn’t allowed to go higher than that for the rest of the day. Then, around the open of the equity market in New York, it was sold lower until it hit the $17.43 spot mark again, which came at, or just after, the COMEX close — and was bounced off that price multiple times going into the 5:00 p.m. EDT close.

The high and low ticks in this precious metal were recorded as $17.855 and $17.465 in the December contract.

Silver finished the Tuesday session at $17.425 spot, which was down 18 cents from its close on Monday.  Net volume was reasonably heavy at just over 50,000 contracts.1161012silver

Here’s the 5-minute tick chart for silver — and as you can tell, there was fairly decent volume starting around midnight Denver time on the chart below, which was 2 p.m. China Standard Time on their Tuesday afternoon, which was the time that the rallies in all four precious metals really got revved up.  By 12:30 p.m. MST/2:30 p.m. in New York, volume had dropped back to fumes and vapours.

The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and noon China Standard Time [CST] the following day in Shanghai—and don’t forget to add two hours for EDT.  The ‘click to enlarge‘ is a must here.1161012-5-minute-silver

Platinum’s rally in the Far East also got turned lower starting at the London/Zurich open.  JPMorgan et al printed the low tick of the day shortly before 2 p.m. EDT in the thinly-traded after-hours market.  It rallied back a small handful of dollars until 3 p.m. — and they traded virtually ruler flat into the close.  Platinum was closed in New York on Tuesday at $946 spot, down 17 dollars on the day.1161012platinum

It was the same sad story for palladium as well.  The low tick in this precious/industrial metal came around 3 p.m. in New York — and did nothing from there, either.  It finished the Tuesday session at $646 spot, down $21 from it’s close on Monday.1161012palladium

The dollar index closed very late on Monday afternoon in New York at 96.90 — and began to rally immediately.  It continued to chop steadily higher throughout the entire Tuesday trading session — and finished the day at 97.72 — and up 82 basis points from Monday.1161012intraday-gif

And here’s the 6-month U.S. dollar index so you can see how the current ‘rally’ is faring.1161012-6-month-usd

The gold stocks fell 2.5 percent by the London p.m. gold fix, which came thirty minutes after the open of the equity markets in New York yesterday morning.  They then rallied into positive territory for a brief period starting at 11:30 a.m. EDT.  They headed lower from there until around 2 p.m. — and then chopped sideways into the close.  The HUI finished the day down 2.02 percent.1161012hui

It was the same price pattern for the silver equities, except their rallies after the low at the London p.m. gold fix didn’t even make it back to unchanged — and they rolled over starting shortly after 11 a.m.   Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down 2.72 percent.  Click to enlarge if necessary.161012silver-7

The Daily Delivery Report showed that 3 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Thursday.  This amount of activity isn’t worth breaking down, or linking.

The Preliminary Report for the Tuesday trading session showed that gold open interest in October dropped another 146 contracts, leaving 152 still open, minus the 3 mentioned in the previous paragraph.  Monday’s Daily Delivery Report showed that 156 gold contracts were posted for delivery today, so that means that another 156-152=4 gold contracts were added to the October delivery month.  Silver o.i. in October fell by 2 contracts, leaving 137 still around.  Monday’s Daily Delivery Report showed that no silver contracts were posted for delivery today, so that means that two short/issuers were let off the delivery hook by those holding the long contracts on the other side of that trade.

There were no reported changes in GLD yesterday — and as of 6:57 p.m. EDT yesterday evening, there were no reported changes in SLV, either.

It appears a near certainty now that strong hands and deep pockets were buying the dips in GLD and SLV since the big engineered price declines that began a week ago Tuesday — and Ted was the first to point that out in his weekly review on Saturday.  Because — and as you already know — not only have there been no withdrawals from GLD since then, but there’s been a big deposit in the interim.  There was a decent withdrawal from SLV a week ago Tuesday, but that was the only one — and there was a deposit in SLV on Monday.  Ted commented that …”It would appear reasonable to assume the new buyers were bigger players and not the broad based public.” — and I agree with that totally as I’ve already stated.

Whoever these buyers are, they’ve obviously been waiting for just such an event — and one wonders what they know that we don’t, at least not yet.

The folks over at the Internet site updated their data with the short positions for both GLD and SLV as of the close of trading on Friday, August 30 — and this is what they had to report:  The short position in SLV declined from 11,940,600 shares/troy ounces, down to 11,745,000 shares/troy ounces, which is a rather smallish decline of 1.64 percent.  The short position in GLD fell from 897,340 troy ounces, down to 730,500 troy ounces, which was a very respectable decline of 18.59 percent.

There was another sales report from the U.S. Mint yesterday.  They sold 6,500 troy ounces of gold eagles — 1,000 one-ounce 24K gold buffaloes — and a very chunky 545,000 silver eagles.

I had this to say about mint sales in The Wrap from my Tuesday column…”I’m also singularly impressed by U.S. Mint sales so far this month, especially gold — but I’ll bite my tongue on this as well until more of the month is under our belts.

And this is what silver analyst Ted Butler had to say about it in his Saturday column…”Sales of Silver Eagles have picked up over very recent levels and seem to be driven by a return of general retail demand in reaction to the sharp recent price declines, rather than by a return of the great silver eater, JPMorgan. Sales of Gold Eagles, in contrast, are strong enough so as to suggest the presence of a big buyer. Should we see a return of sales of Silver Eagles in the 4 million oz per month range or higher, then it will be easy to pin it on JPMorgan as returning to buy after knocking the price down by dollars per ounce. Part of me says JPMorgan wouldn’t be so openly brazen so as to do that; another part tells me JPM would do anything it wants to if it involved making a buck.

We won’t be half-way through the October sales month until the close of business on Friday, or the following Monday if you want to round it up — and the mint has already sold more silver eagles this month than they did in all of September, or August, or July.  Gold eagle/gold buffalo sales are a tiny bit ahead of where they were this time in September.

Is JPMorgan back?  It’s too soon to tell, but after yesterday’s sales numbers — and if forced to bet ten bucks…..

There was decent movement in gold over at the COMEX-approved depositories on Monday.  Although only 1,599 troy ounces were received — all at Brink’s, Inc. — there was 85,197.500 troy ounces/2,650 kilobars shipped out the door over at Canada’s Scotiabank.  Those kilobars were all of the U.K./U.S. 32.150 troy ounces variety.  A link to that action is here.

There was decent activity in silver as well.  Nothing was reported received — and 663,498 troy ounces were shipped out, with 90 percent of that amount coming from the CNT depository, with the balance from Scotiabank.  A link to that activity is here.

And for the first time in quite a while, there was no in/out activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday.

I have a decent number of stories for you again today — and I hope you can find the time to read the ones that interest you.


A $7 Trillion Moment of Truth in Markets is Just Three Days Away

If the London Interbank Borrowing Rate was a musical artist, or an actor, or a sports team, we’d be calling 2016 its comeback year.

Not since the financial crisis of 2008 has Libor, to which almost $7 trillion of debt including mortgages, student loans and corporate borrowings, is pegged — experienced such a surge. The three-month U.S. dollar Libor rate has jumped from 0.61 percent at the start of the year to 0.87 percent currently — a 42 percent rise — ahead of money market reform that’s due to come into effect on Oct. 14.

The new rules require prime money market funds — an important source of short-term funding for banks and companies — to build up liquidity buffers, install redemption gates, and use ‘floating’ net asset values instead of a fixed $1-per-share price. While the changes are aimed at reinforcing a $2.7 trillion industry that exacerbated the financial crisis, they are also causing turmoil in money markets as big banks adjust to the new reality of a shrinking pool of available funding.

Some $1 trillion worth of assets have shifted from prime money market funds into government money market funds that invest in safer assets such as short-term U.S. debt, according to Bloomberg estimates. The exodus has driven up Libor rates as banks and other corporate entities compete to replace the lost funding.

Now, analysts are debating whether the looming Oct. 14 deadline will mark a turning point for the interbank borrowing rate, as money markets acclimatize to a new reality.

This Bloomberg news item appeared on their Internet site at 7:03 a.m. Denver time on Tuesday morning — and I thank Swedish reader Patrik Ekdahl for sharing it with us.  Another link to it is here.

The little people have had enough – not just here, but in America too — Nigel Farage

There are fewer than 30 days to go before the U.S. presidential election. It is a campaign which mirrors many of the arguments and conflicts that we have seen recently in British politics, especially during the recent referendum campaign. Essentially, this election is about continuity versus change, with huge doses of personal vitriol thrown in.

When I arrived at the Republican Party convention in Cleveland, Ohio, back in July, I was amazed at the reaction to me over the Brexit result. Normally we follow trends in America, not the other way round, but it was clear that many of the delegates saw Brexit as an aspiration for what they see as the Trump “revolution” against the Establishment. I met many others who were not delegates or political anoraks, who were also keen to talk about Brexit. A group of retired U.S. Navy veterans told me we should have done it years ago. Others were less impressed and shouted at me in the streets. Indeed, this weekend while I was in St Louis, I received some proper abuse on the Washington University campus.

One thing is for certain: our referendum is being talked about the world over and it may well be the first kick-back against the status quo that leads to a popular revolt across the West. While Trump and Clinton may be the most unpopular presidential candidates ever, there has been a growing distrust of the political class. Just as in the U.K., where cash for questions and the MPs’ expenses scandals lead to a chorus of uproar, the elites in Washington are seen as remote and detached.

This commentary by Nigel was posted on the Internet site on Sunday evening BST — and this comes to us courtesy of James Gullo.  Another link to this article is here.

“The Cable” is Crashing…Again


Cable has retraced back down over 60{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} of its flash crash collapse…

“The sentiment on sterling is closely tied to expectations of hard Brexit,” said Georgette Boele, a currency and commodity strategist at ABN Amro in Amsterdam.

BOE officials’ “comments are not helpful at all. Saunders said that he was concerned about volatility in sterling as it pushed up inflation. Despite this, we think that the BOE is more focused on growth than on inflation at this point in time.

[The term cable‘ is a slang term used by forex traders to refer to the exchange rate between the pound and U.S. dollar and is also used to simply refer to the British pound itself. The term originated in the mid-19th century, when the exchange rate between the U.S. dollar and British pound began to be transmitted across the Atlantic by a submarine communications cable. Since that time the exchange rate has been referred to as “the cable.” – Ed]

I plead ignorance, as I’d never heard that word/expression before — and had to look it up on the Internet to find out what it meant.  This brief 1-chart Zero Hedge article put in an appearance on their website at 1:03 p.m. yesterday afternoon EDT — and it comes courtesy of Richard Saler.  In his covering e-mail he made the comment that…”The British Pound is quickly becoming the British ounce!”  Another link to this news item is here.

Deutsche Bank Stock Slides as Short-Term Funding Cost Rises

As the powers-that-be play whack-a-mole with various systemic risk indicators, desperately tamping down contagion concerns, amid no progress in strengthening the world’s most systemically dangerous bank; we warned two weeks ago of yet another canary in the coalmine of Deutsche Bank’s demise (that no one was looking at). This week, that canary…died.

The last few weeks have seen Fed swap lines engaged and:

  • Deutsche Bank stock ‘managed’.
  • ECB Lending facilities ‘managed’.
  • EUR-USD basis swaps ‘managed’.

But, despite all of this ‘help’ Deutsche credit risk remains at or near record highs

Simply put, as Bloomberg‘s Mark Gilbert explains, technically, in this wacky world of negative euro interest rates, it’s hard to talk about “borrowing costs” as such. More precisely, the discount at which Deutsche Bank says it can raise funds has declined. But you get the picture: Even with rates below zero, everyone else can get funds cheaper than the Frankfurt-based firm can.

It’s hard to interpret Deutsche Bank saying money is more expensive for it than for its peers as anything other than a reflection of its perceived creditworthiness in the banking community, as opposed to the official assessment by the rating agencies.

This Zero Hedge piece showed up on their Internet site at 11:56 a.m. on Tuesday morning EDT — and I thank Brad Robertson for pointing it out.  Another link to it is here.  The Bloomberg story on which this article is based is headlined “Deutsche Bank’s Woes Show Up in the Money Markets” — and it’s worth reading.

Putin shuns Paris visit after France offers talks only on Syria

Russian President Vladimir Putin has canceled a visit to Paris next week after President Francois Hollande said he would see him only for talks on Syria – the latest episode in deteriorating relations between Moscow and the West.

French officials have been grappling for ways to put new pressure on Russia after Moscow vetoed a French-drafted United Nations Security Council resolution on Syria. French officials’ growing anger over a Russian-backed Syrian government onslaught against rebel-held areas of the city of Aleppo had led them to reconsider whether to host Putin on Oct. 19.

I made it known to Mr Putin that if he came to Paris, I would not accompany him to any ceremonies, but that I was ready to continue the dialogue on Syria. He decided to postpone the visit,” Hollande said at the Council of Europe in Strasbourg.

The Russian president had been scheduled to inaugurate a new Russian Orthodox cathedral and visit a Russian art exhibition in the French capital on Oct. 19.

This Reuters ‘story’, co-filed from Paris and Strasbourg, appeared on their Internet site at 5:21 p.m. on Tuesday afternoon EDT — and I thank Doug Milne for finding it for us.  Another link to it is here.

Turkey: One Giant Powder Keg…and the Fuse is Already Lit

Their mission was to capture—or more likely—kill.

Dozens of renegade commandos in three Blackhawk helicopters swooped in on the holiday residence of the president.

Immediately, they engaged in a fierce gun battle with the president’s bodyguards and killed a number of them.

Tourists in a nearby five-star resort fled for their lives. Their idyllic vacations had turned into a warzone in the blink of an eye.

The president, however, was nowhere to be found.  He had been tipped off about the plot and made it to the safety of his private jet. He had cheated death by mere minutes.

This commentary by Nick Giambruno was posted on the Internet site yesterday — and it’s certainly worth reading.  Another link to it is here.

Turkey Diversifies Foreign Policy: Russia and Turkey Agree to Pipeline Deal

For the third time in three months, Russian president Vladimir Putin and Turkish president Recep Tayyip Erdogan met in Istanbul.  The result of this meeting is a Gas Pipeline Deal that bypasses Ukraine.

Russia and Turkey have put tensions over Syria behind them to agree a gas pipeline deal which would open a new route for Russian energy to western Europe.

The TurkStream agreement between Russian president Vladimir Putin and Turkish president Recep Tayyip Erdogan in Istanbul on Monday would, if implemented, redraw the energy map of Europe by allowing Russia to bypass some of its gas around Ukraine.

It would also strengthen ties between Moscow and Ankara at a time of growing mistrust between Turkey and the west in the wake of the coup attempt that plunged the country into turmoil three months ago and killed 270 people.

Monday’s agreement committed the pair to construction of two lines of pipes beneath Turkish waters on the bed of the Black Sea, with a combined capacity of 30bn cubic metres of gas. One would serve the Turkish market and the other the rest of Europe.

This news item from the Internet site was posted there at 11:38 a.m. EDT on Monday morning — and it’s another offering from  Roy Stephens — and another link to this story is here.  It’s certainly worth reading if you’re a serious student of the New Great Game.

Iran: Saudi rulers must be taken to court for war crime in Yemen

The Saudi airstrikes on Yemen which left hundreds dead or injured on Saturday have drawn strong criticism from the Islamic Republic.

A few hours after news of the attack surfaced, Iran’s Defense Minister Hossein Dehqan said Saudi rulers are “war criminals and should be put on trial.”

They have committed an unpardonable crime which should not go unnoticed by the world,” Dehqan said on Sunday. “Whoever keeps silent against the barbarity will have assisted the Al Saud with the crime.”

More than 155 people were killed and more than 525 wounded when airstrikes hit a funeral ceremony in Yemen’s capital, Sana’a, the latest in a series of calamitous Saudi-led attacks on Yemen.

In the aftermath of the strike on Saturday, hundreds of body parts were found strewn in and outside the hall. Rescuers collected them in sacks.

Wow!  Disgusting barely begins to describe it.  This news item, filed from Tehran, showed up on the Internet site on Sunday sometime — and I thank Roy Stephens for sending it along.  Another link to it is here.

South Africa’s Gordhan to Be Charged; Rand Plunges Most Since June

South African Finance Minister Pravin Gordhan was summoned to appear in court on fraud charges next month, the latest twist in a struggle with President Jacob Zuma that could cause South Africa’s credit rating to be downgraded to junk. The rand weakened against the dollar by the most in more than three months.

Gordhan on Tuesday called the summons politically motivated and said “there is no case,” adding that South Africans need to ask why the prosecutors took the decision to charge him over approving a retirement package, two weeks before the delivery of the mid-term budget. He’s due to appear in court on Nov. 2. Shaun Abrahams, the head of the National Prosecuting Authority, said there had been no political interference.

Gordhan has done an outstanding job and enjoys an extremely high degree of confidence,” said Anthony Sedgwick, co-founder of Abax Investments (Pty) Ltd. “Obviously, there is extremely deep suspicion as to what the motive behind the move is.”

The finance minister has led efforts to help South Africa keep its investment-grade rating and is seen by international investors as a steady hand to guide the economy through the slowest growth since a 2009 recession. The Treasury’s pledge to keep spending under control and limit debt was cited as crucial for S&P Global Ratings and Fitch Ratings to avoid a cut to junk.

This Bloomberg news story appeared on their Internet site at 3:19 a.m. Denver time on Tuesday morning – and was updated about 8 hours later.  I thank West Virginia reader Elliot Simon for bringing it to our attention — and another link to this article is here.

Beijing stores cut gold prices on slump

The biggest weekly slump in the global gold price led Beijing’s gold stores to cut their prices for the first time this year. The price in Beijing declined by 10 yuan ($1.5) per gram on Sunday. This was the first cut, following six earlier price increases this year.

In China, prices declined as trading restarted after a week’s holiday. Bullion of 99.99 percent purity slumped 4 percent to 273.6 yuan per gram on the Shanghai Gold Exchange at 15:30 on Monday.

Huang Liang, a gold analyst at Guohua Jewelry, said the price cuts by Beijing’s gold stores were within expectations.

Yu Guiying at Beijing-based All Love All Life Gold Store said their jewelry business was not influenced by the global price slump, and the price reductions at Beijing’s gold stores from Sunday would further promote their sales.

But it is true that people are less interested in purchasing gold bullion as an investment product,” said Yu.

This gold-related news item showed up on the Internet site yesterday sometime — and my thanks go out to Ellen Hoyt for bringing it to my attention — and now to yours.  Another link to this story is here.

Financial Times laments the lack of the gold market information it won’t report

An editor and columnist for the Financial Times, Dan McCrum, writes in commentary briefly excerpted below that the price of gold can never be explained by anything other than fashion because there is no relevant information about gold pricing.

But if so, who is more at fault for that than the Financial Times itself? For as far as GATA can determine, the newspaper has never put a critical question to any central bank about its surreptitious activity in the gold market and reported the results of such inquiry, though GATA often has provided the newspaper with extensive documentation of that activity.

McCrum’s biography for the FT — says: “Send him ideas or even call him up. He’ll write about almost anything (except gold).” Now that he has waived that rule once, he should try waiving it again, this time attempting journalism.

The Financial Times story in question is headlined “Gold Can Only Ever Be a Fashion Victim” — and five paragraphs are posted in the clear in this GATA release that came out yesterday.  Another link to it is here.

Gold fix banks will have to reveal correspondence for antitrust lawsuit

Large global banks targeted in a lawsuit alleging price fixing in the gold market, including Canada’s Bank of Nova Scotia, will have to turn over internal e-mails and other correspondence spanning several years as the case moves ahead, says Daniel Brockett, the New York lawyer who is spearheading the U.S. lawsuit.

They have to produce all the relevant emails and chat-room instant messages, however they communicated with each other,” Brockett said in an interview after Valerie Caproni, a judge in the U.S. District Court for the Southern District of New York, ruled this past week that a portion of the case can move forward.

Caproni reduced the class period to six years ending in 2012 and dismissed a claim of unjust enrichment, but Brockett said the “core” claims were maintained in the ruling that rejected the banks’ motion to have the case dismissed.

The ruling is a major victory for the plaintiffs because it upholds the core anti-trust claim against the five fixing banks and the statutory commodity manipulation claim against the five fixing banks,” said Brockett, a senior litigation partner at Quinn Emanuel Urquhart & Sullivan LLP.

I’m not sure why JPMorgan’s name isn’t included in this lawsuit.  But their name can’t help but come up at some point in the discovery process, but since they haven’t been officially charged, it doesn’t matter.  This silver-related story put in an appearance on the Internet site yesterday — and it’s another news item I found on the Internet site.  Another link to this article is here.

Ron Paul Says “Gold Going Up” Whether Trump or Clinton Elected

Gold prices “are going up” whether Trump or Clinton are elected according to most analysts in the gold market including former Libertarian and Republican presidential candidate Ron Paul.

Ron Paul, an astute observer of the markets, warned in a CNBC interview that “if investors are looking for the next U.S. president to create stability in the markets, it’s not going to happen.”

“The laws of economics are more powerful than all the politicians and all the bankers. It’s just that it’s erratic and very up and down and takes a while to sort out,” Paul added.

“Believe me, gold prices are going up …”

Of course Ron is more than aware of the fact that precious metal market is rigged seven ways to heaven, but will never say so in the public domain.  This 2:53 minute CNBC video clip was posted on their Internet site last Friday morning — and I found it embedded in a story over at the website late last night.  Another link to this is here.

The PHOTOS and the FUNNIES1161012-photo



For the second day in a row, the rallies in Far East trading ran into just enough resistance from ‘da boyz’ to prevent them from breaking out.  This was particularly true in the last hour of trading before London opened.  But once that event occurred — and Zurich opened on the Continent — all those price gains, and then some, were engineered away by “all the usual suspects.

There were new low closes in both platinum and palladium yesterday, but not silver, as it continues to trade slightly above its 200-day moving average — whereas gold closed slightly below its, but not at a new low.  Here are the 6-month charts for all four precious metals, so you can see for yourself.1161012-6-month-gold


And as I type this paragraph, the London open is less than ten minutes away — and I see that gold rallied a few dollars until noon China Standard Time on their Wednesday morning — and then got sold off from there — and is still up $2.70 the ounce at the moment.  It was more or less the same for silver — and it’s currently up a dime.  Platinum and palladium didn’t do much in Far East trading — and both are up a couple of bucks.

Net HFT gold volume is just under 21,000 contracts, which is pretty light — and that number in silver is sitting at 6,350 contracts.  The dollar index has been chopping quietly lower during the Far East session — and is down 16 basis points as London opens.

Yesterday afternoon at the COMEX close was the cut-off for this Friday’s Commitment of Traders Report.  I certainly expect to see more improvement in the Commercial net short positions in both gold and silver in that report.  Those improvements will include whatever data from last Tuesday’s big engineered price declines that didn’t make last Friday’s COT Report.  As far as putting numbers to these changes, I’ll pass, as there are just too many unknowns.  Ted has his mid-week column this afternoon — and I’ll be interested in seeing if he attempts to bell this particular cat.

And as I post today’s column on the website at 4:00 a.m. EDT, I note that gold has been sold down a bit in the first hour of trading in London, but is almost back to where it was at the open — and is up $2.50 the ounce at the moment.  The silver price hasn’t changed much either — and is up 9 cents the ounce after a bit of a dip as well.  Platinum is now down a buck — and palladium is up 3 dollars.

Net HFT volume is up to a bit over 23,000 contracts, which is only up a few thousand contracts from an hour ago — and in silver, the HFT volume is sitting at 7,200 contracts, up less than a thousand contracts from an hour ago.  Based on these volume numbers, nothing should be read into the current price action.  The dollar index has rallied a handful of basis points since the London open — and is down only 13 basis points currently.  Nothing much to see here.

I have no idea what to expect during the Wednesday trading session — and certainly nothing will surprise me when I roll out of bed later this morning.

See you tomorrow.


Print Friendly, PDF & Email