Big Gold Deliveries Posted For December’s First Day Notice

30 November 2016 — Wednesday


The selling pressure in gold began an hour after trading began at 6:00 p.m. EST in New York on Monday evening — and it chopped lower until the low tick was set just after 8:45 a.m. EST on Tuesday morning.  It rallied a bit from there, but was stopped in its tracks at the London p.m. gold fix — and didn’t do a lot after that.

The high and low ticks are barely worth looking up — and were reported as $1,194.80 and $1,179.30 in the December contract.

Gold finished the Tuesday session at $1,187.90 spot, down $5.90 from Monday’s close.  Net volume was very decent — and somewhere in the vicinity of 146,000 contracts, although it’s difficult to put a hard number on this on the last trading day of the month.161130gold

With some minor variations, it was mostly the same price pattern in silver, except it was bounced off its $16.385 spot low tick multiple times between 8:30 and 9:30 a.m. in New York.  From there it rallied until about five minutes before the 1:30 p.m. EST COMEX close — and it was sold quietly lower for the remainder of the Tuesday session.

The low and high ticks were reported by the CME Group as $16.70 and $16.385 in the December contract.

Silver was closed in New York on Tuesday afternoon at $16.615 spot, up 5 cents on the day.  Net volume was somewhere in the vicinity of 40,000 contracts and, like gold’s volume, can’t be guaranteed to be that accurate on the last trading day of the month.161130silver

Here’s the 5-minute silver tick chart courtesy of Brad Robertson.  There was decent volume on the 30-minute price decline that began at 9 a.m. in London — and then again starting at the COMEX open, which is 6:20 a.m. Denver time on the chart below — and ending at the COMEX close…11:30 a.m. MDT.

The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and 1:00 p.m. China Standard Time [CST] the following afternoon in Shanghai—and don’t forget to add two hours for EST.  The ‘click to enlarge‘ is a must for this chart.161130-5-minute-silver

Platinum was up about 5 bucks by the Zurich open, but began to stair-step lower in price, with the low tick coming shortly before noon in New York.  It rallied a few dollars from there, but couldn’t make it back above unchanged, closing at $916 spot, down 6 bucks on the day.161130plati

The palladium price chopped sideways in a very tight range until around 11:30 a.m. Zurich time on their Tuesday morning.  Then during the next two hours and change, it had an up/down move that spanned about ten bucks…which had all the hallmarks of a runaway rally to the upside that ‘da boyz’ had to deal with.  It then rallied quietly higher into the COMEX close, before selling off a hair during the remainder of the thinly-traded after-hours market.  Palladium continued its winning ways, closing at $760 spot — and up another 5 dollars.161130plad

The dollar index closed very late on Monday afternoon in New York at 101.16 — and began to head very unsteadily higher, reaching its 101.64 high tick at exactly 8:30 a.m. EST.  It then sold off to its 100.86 low tick, which came around 4:25 p.m. in New York.  It didn’t do much after that, closing the Tuesday session at 100.97 — and down 19 basis points on the day.

You’ll note that only gold and silver prices were forced to follow the dollar index around yesterday, as platinum and palladium traded like they were in some sort of parallel universe.161130intraday-gif

And here’s the 6-month U.S. dollar index — and it remains to be seen if the powers-that-be allow it to roll over and die, which is precisely what it would do if left to its own devices.

161130-6-month-usdThe gold stocks gapped down about 3 percent at the open of trading yesterday morning, then spent the remainder of the day crawling higher — and the closest they got to unchanged came shortly before the COMEX close.  They faded a bit from there, as the HUI closed down 1.03 percent.161130hui

The price pattern in the silver equities was very similar, except they didn’t open as low as the gold shares — and by their 1:25 p.m. high ticks, they were back in the black to stay as Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed higher by 0.57 percent.  Click to enlarge if necessary.161130silver-7

The CME Daily Delivery Report showed that 7 gold and 4 silver contracts were posted for delivery today.  Citigroup issued the 7 gold contracts — and in silver it was ADM as the only issuer.

First Day Notice for gold and silver delivery in December showed that 4,938 gold and 717 silver contracts were posted for delivery on December 1.  In gold, the only two short/issuers worthy of the name were Macquarie Futures with 2,991 contracts out of its own account — and Goldman Sachs with 1,760 contracts out of its client account.  There were 24 long/stoppers in total, with the two largest being JPMorgan, with 1,187 for its client account, plus another 492 for its own account.  HSBC USA stopped 1,210 contacts.  In silver, the three largest short/issuers were Goldman Sachs, International F.C. Stone — and Scotiabank, with 528, 124 and 49 contracts respectively.  There were a dozen long/stoppers in total, with the tallest hogs at the trough being Macquarie Futures with 250 contracts for its own account — plus JPMorgan with 237 for its own account as well.  The link to yesterday’s Issuers and Stoppers Report is here — and it’s certainly worth a look if you have the interest.

The CME Preliminary Report for the Tuesday trading session showed that gold open interest in November fell by 26 contracts, leaving none left.  Monday’s Daily Delivery Report showed that 19 gold contracts were posted for delivery today — and if you add in the other 7 mentioned two paragraphs ago, you get 19+7=26 contracts.  So November in gold is done.  Silver o.i. in November showed unchanged at zero contracts — and yesterday’s Daily Delivery Report showed that zero silver contracts were posted for delivery so, as I mentioned yesterday, the November delivery month in silver was done as well.

For the month of November, there were 2,699 gold contracts delivered, plus another 469 silver contracts…which are pretty impressive numbers for a non-traditional delivery month.

Gold open interest in December declined by more than half — 18,177 contracts, leaving 12,596 left, minus the 4,938 contracts posted for delivery on Thursday.  Silver o.i. in December fell a huge 8,780 contracts, leaving just 3,075 contracts still open, minus the 717 contracts posted for delivery on December 1.

For the second day in a row, there were no reported changes in GLD — and as of 7:13 p.m. EST yesterday evening, there were no changes in SLV, either.

There was another sales report from the U.S. Mint yesterday.  They sold 6,500 troy ounces of gold eagles — and 50,000 silver eagles.

There was a decent amount of gold activity over at the COMEX-approved depositories on the U.S. east coast on Monday, as 68,263 troy ounces were received — and 113,245 were shipped out.  There was 68,234 troy ounces shipped out of Brink’s, Inc. — and 9,645.300 troy ounces/300 kilobars [SGE gold kilobar weight] shipped out of HSBC USA.  Over at Scotiabank, they received 68,263 troy ounces — and shipped out 35,365.000 troy ounces/1,100 kilobars [U.K./U.S. kilobar weight].  The link to all this activity is here.

It was a quiet day for silver movements, as only 38,711 troy ounces were received — and 24,026 troy ounces shipped out.  I shan’t bother linking this activity.

Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday, they reported receiving 949 of them — and shipped out 4,225.  All of the action was at Brink’s, Inc. as usual — and the link to that, in troy ounces, is here.

I don’t have all that many stories today — and after the big bunch I had yesterday, I’m kind of happy about that.


Doug Casey on the Coming Collapse of the World’s Biggest Economy

Nick Giambruno: The entire European Union is looking shakier by the day.  Donald Trump’s victory—which shocked Europe’s political and media elite—gives Eurosceptic parties, the Continent’s populists, even more political rocket fuel.  What’s your take?

Doug Casey: The Social Democratic, Christian Democratic, Socialist, Communist, and similar parties have ruled Europe since the end of World War 2. They’re all pretty similar in that they promote massive welfare benefits, strong labor unions, large state bureaucracies, very high taxes, strict regulations, and an atmosphere of Cultural Marxism. Then, every few generations, the voters react and install a “fascist” regime. These keep most of the socialist characteristics, but tend to be supported by, and friendly to, Big Business. That, and they add on nationalism, xenophobia, and militarism.

The last time this happened was in the 1930s. In those days it was spurred by the Great Depression. This time it will be spurred by the Greater Depression, plus massive waves of Muslim migrants from the Near East and Africa. So I expect to see more neo-fascist political parties everywhere.

Oddly, the Europeans can’t seem to imagine a libertarian alternative of private charities, limited government, minimal taxes, an unregulated economy, and intellectual/psychological freedom. It’s another reason the Continent is a sinking ship.

This back-and-forth commentary between Nick and Doug appeared on the Internet site yesterday — and it’s worth reading.  Another link to it is here.

Global Debt Hangover Could Get Ugly, Société Générale Warns

The low interest rate party is over and the debt hangover is coming, Société Générale predicts in its 2017 forecast for global interest rates.

Inflation will rise, the U.S. Fed will hike, Europe will taper and bond yields will rise, the firm’s strategists forecast.

And, since there is so much debt out there, the selloff in bonds could become dangerous. They write:

“Prepare for a serious hangover. There is more debt in the non-financial sector than ever before. Assets under management in bond funds and portfolio duration have surged. The unwinding of this unprecedented exposure to rates will initially feed the bond sell-off and ultimately stress the credit spread complex.”

For the start of the year, stay short on duration, they advise. The rate path then gets trickier to forecast and there will likely be some twists and turns.

This short article showed up on the Internet site at 1:59 p.m. EST on Monday — and I found it embedded in yesterday’s edition of the King Report.  Another link to it is here.

European president Jean-Claude Juncker pleads with E.U. leaders not to hold ‘in-out’ referendums – because voters will choose to leave

Jean-Claude Juncker has urged E.U. leaders not to hold referendums on their membership of the bloc because he fears their voters will also choose to leave.

The European Commission president said giving people a vote would be ‘unwise’ as they could seek to replicate Brexit.

His remarks come as one of the contenders to become Austrian president has threatened to hold a referendum if the E.U. integrates further.

Norbert Hofer, who will become Europe’s first far-right head of state since the Second World War if elected on Sunday, has promised a ballot if the E.U. becomes more centralised following Brexit.

This news item was posted on the Internet site at 2:13 p.m. GMT on Monday afternoon, which was 9:13 a.m. in New York — EDT plus 5 hours.  I thank Roy Stephens for sending it — and another link to it is here.

ECB ready to buy more Italian bonds if referendum rocks market – sources

The European Central Bank is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone’s largest debtor, central bank sources told Reuters.

Italian government debt and bank shares have sold off ahead of the Dec. 4 referendum on constitutional reforms because of the risk of political turmoil. Opinion polls suggest the ‘No’ camp is heading for victory, which could force out Prime Minister Matteo Renzi in the latest upheaval against the ruling establishment sweeping the developed world.

The ECB could use its €80-billion ($84.8 billion) monthly bond-buying programme to counter any immediate, further spike in bond yields after the vote, smoothing market moves and supporting bonds, according to four euro zone central bank sources who asked not to be named.

Italian bond yields fell to a one-week low on Tuesday in response to the Reuters report.

This Reuters article, filed from Frankfurt, put in an appearance on their Internet site at 11:27 a.m. on Tuesday morning EST — and I found it embedded in a Zero Hedge article that came to courtesy of Richard Saler.  Another link to it is here.

Highly Skeptical” JPMorgan Slams Reuters‘ ECB “Sources” Story on Italy

Earlier today we reported that according to Reuters sources, the ECB was preparing for a Brexit deja vu, and was preparing to “temporarily step up purchases of Italian government bonds if the result of next Sunday’s crucial referendum “rocks markets” and sharply drives up borrowing costs for the euro zone’s largest debtor.”

To be sure, this could be merely a placeholder “trial balloon”, leaked by the ECB to its favorite Reuters intermediary, meant to prevent a preemptive selloff of Italian (mostly bank) stocks and/or sovereign bonds, which have come under intense pressure in recent days on concerns that the referendum could lead to another banking crisis. After all, as Brexit so vividly showed, why sell if a central bank has “got your back.” 

However, a more nuanced read of the article suggests that it may also be bous. Surprisingly, most vocal denial so far today has come from JPMorgan, whose analyst Greg Fuzesi writes in a note titled “ECB: doubting the “sources” story on Italythat the bank is “highly skeptical of the Reuters story” for four key reasons (listed below), as a result of which JPM says “we find it impossible to imagine the current QE programme being use to intervene in Italy without prior approval from the Governing Council. Finally, even if the ECB were minded to intervene in Italy, bond yields would likely have to rise dramatically from current levels before it acted.

Cogent arguments aside, should the Italian (and European) market indeed “turmoil” on a “NO” vote as polls widely expect, there is zero doubt that the ECB will do precisely as it has warned, and intervene massively to prevent yet another price discovery.  After all, as was noted on Twitter earlier this morning…”Relax Mario, nobody thought the market would be allowed to operate on its own.

This Zero Hedge piece showed up on their Internet site at 12:52 p.m. EST on Tuesday — and another link to it is here.

OPEC Negotiations: Here’s the Latest

With the last day of OPEC pre-negotiations almost over, the latest from Vienna is that Iran and Iraq appear to have softened their positions ahead of a crucial OPEC meeting on Wednesday, however as the WSJ reports, “it may not be enough to satisfy Saudi Arabia’s demands for a broad-based oil-production cut.”

The two main wildcards remains Iran and Iraq, the latter of which has agreed to use independent estimates of its output at 4.55 million barrels a day, however Iraq has said it would only freeze from that level, not cut.

Iran meanwhile has said it would be willing to freeze its production in early 2017 at a level of 3.797mmbpd, to claw back the market share it lost during years of Western sanctions. The negotiations continue as part of a push to reach an agreement that cuts total output by 1.2 million barrels from October levels. The latest draft of the Vienna agreement would ask 10 OPEC members to make a 4.5{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} oil production cut, with Libya and Nigeria exempted because they are increasing output after civil unrest disrupted their oil industries.

Earlier in the day, the Ecuador Foreign Minister said that OPEC still disagrees on individual production quotas.

The discussions continue amid a skeptical climate of as OPEC members have expressed pessimism ahead of the gathering. As reported earlier today, Indonesia’s oil minister Ignasius Jonan said his country hadn’t decided yet whether to join production cuts. Asked if Iraq and Iran remained obstacles to a deal, he made a face and declined to comment. “It’s a mixed feeling,” he said of his expectations for Wednesday’s meeting of 14 oil ministers.

All of the above  remains highly fluid, and changes with every incremental headline.

This story showed up on the Zero Hedge website at 1:38 p.m. EST yesterday afternoon — and is certainly worth reading if you have the interest.  Another link to it is here.

Aussie Housing Market Collapses: Building Approvals Crash 25{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}

Following September’s 9.3{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} MoM plunge in Aussie home approvals, hopes were high that October would see a bounce (expectations were for a 2{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} gain) as central bankers jawboned confidence higher. However, it didn’t… Building approvals collapsed 12.6{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} MoM and a shocking 24.9{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} year-over-year decline is equal to the worst drop since Lehman. Ironically, just this month Aussie Treasurer eased restrictions on foreign buyers (otherwise known as bag holders it would seem).

It’s been weak year anyway but this is an utter disaster as the Aussie housing bubble finally pops… (on a non-seasonally-adjusted basis the year-over-year drop is 28{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} – the biggest since Nov 2008).

This is the lowest level of building approvals per capita in 2 years as it seems China’s credit impulse has faded entirely.

The cracks have been showing with default rates on the rise.

This rather longish news item was posted on the Zero Hedge website at 9:50 p.m. yesterday evening EST — and another link to it is here.

Marlborough wine industry earthquake damage revealed by New Zealand Winegrowers report

Millions of litres of wine have been lost in Marlborough and the industry is scrambling to repair its tanks in time for harvest.

In the first two weeks following the earthquake reports of damage were rife, but a survey of New Zealand Winegrowers members has provided the first complete picture.

More than 1000 tanks capable of holding in excess of 50 million litres of wine were damaged in the 7.8 magnitude earthquake, accounting for 20 per cent of total storage capacity in the region.

The likelihood of tank manufacturers being overwhelmed by demand means companies are looking to shift wine to the North Island, or place it in temporary storage to free up capacity before harvest next March.

New Zealand Winegrowers chief executive Philip Gregan said the impact was worse than the 2013 Seddon earthquake, but believed wine companies would still be able to take in a normal harvest next year.

I wonder how their Cloudy Bay Sauvignon Blancs will be this year…my favourite white wine.  This longish, but very interesting story, with some incredible photos embedded, put in an appearance on the Internet site at 6:45 p.m. NZDT on their Tuesday evening — and it’s certainly worth reading if you have the interest.  I thank my daughter Kathleen for sharing it with us.  Another link to it is here.

New Zealand earthquake: Pictures show huge walls of land rose after quake in Waiau

University of Canterbury scientists have encountered incredible new features created after the magnitude 7.8 quake this month.

Geologist Dr. Kate Pedley took these photos of the huge land-change in Waiau, the small town closest to the quake’s epicentre.

Maybe not as flashy as the ruptures north of Kaikoura,” she said. But the ruptures she photographed near Waiau were a complicated and fascinating occurrence, Pedley said.

This amazing photo sequence embedded in an intriguing story [at least for me!] showed up on the website on Sunday afternoon NZDT — and this is courtesy of my daughter Kathleen as well.  Another link to it is here.

Dr. Dave Janda interviews your humble scribe

The good doctor and I spent 25 minutes together on Sunday afternoon on all-talk radio WAAM-1600 out of Ann Arbor, Michigan — and if you feel what we both had to say would be worth your while, then you can click on the above headline.

London zinc charges to 9-year high, lead hits 5-year high

London Metal Exchange zinc surged to its highest in nine years on Monday and lead hit a five-year peak as a searing rally in metals gained steam on a softer dollar and inflation expectations.

Investors have ploughed into metals on signs of a global recovery, improving the demand outlook for metals, as well as expectations of higher interest rates. Hard assets are an attractive hedge against inflation because they tend to hold their value as rates rise, cooling gains in other asset classes.

Traders said zinc, which is used in steel production, was given a boost by news of a Chinese clampdown on illegal expansions by steel mills and further environmental probes.

Sentiment in the Chinese steel market picked up after the Chinese government pledged to clamp down on illegally expanded capacity. This helped push steel prices higher,” ANZ said in a report.

Profit growth in China’s industrial sector was also fuelling positive sentiment towards metals, according to traders.  Profits picked up in October, aided by stronger sales and higher prices, suggesting further strengthening of the world’s second-largest economy.

This Reuters article, filed from Sydney, showed up on their website at 2:09 a.m. EST on Monday morning — and it’s something I plucked from the Internet site late last night Denver time.  Another link to it is here.

U.K. Royal Mint, CME Group launch blockchain-based gold trading platform

Britain’s Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal.

The platform, due to launch in 2017, will see the Royal Mint – the Treasury-owned body that is permitted to strike British coins – issue “Royal Mint Gold“, or RMG. This will be traded via a platform created and run by the CME Group.

The Royal Mint will put gold bars into its on-site secure vault, which will then be digitised to create RMGs whose ownership will be recorded on the blockchain. Traders will then be able to trade in and out of RMGs between themselves.

One RMG will represent one gramme of gold, which is currently worth around $42.

While things have improved in terms of gold trading over the centuries, it’s our view that it still remains difficult and relatively expensive as a commodity to invest in … Gold is known in the industry as a negative-return investment,” said David Janczewski, director of new business for the Royal Mint.

What we’re trying to do with the announcement of Royal Mint Gold – or RMG – is to really address this issue and offer a better way to invest in solid digital gold.”

This interesting gold-related news story, filed from London, appeared on the Reuters website at 8:02 a.m. GMT on Tuesday afternoon, which was 3:02 a.m. in New York — EDT plus 5 hours.  I found it embedded in a GATA release — and another link to it is here.

Shanghai Gold Premium hits multi-year high

After opening at an onshore premium of around $22 over loco London gold, interest drove the premium as high as $28 and with it spot gold to $1,197.70, before participants took the opportunity to buy the dollar and cap any further gains,” MKS added.

Last week, Reuters reported that the premium hit a three-year high on worries about a supply shortage tied to Beijing’s efforts to restrict import licenses. According to industry sources, the Chinese government has reduced the number of import licenses, said analysts at Commerzbank.

According to Thomson Reuters, this drove premiums in China as compared to world market prices to their highest level in nearly three years at the end of last week (roughly $25 per troy ounce).

Premiums could also remain high for the time being given that Chinese gold traders and jewelry manufacturers are likely to require large quantities of gold in the run-up to the Chinese New Year festival at the end of January, Commerzbank added.

This gold-related story, filed from Shanghai, put in an appearance on the Internet site 10:11 a.m. CST on their Tuesday morning — and it’s something I found on the Sharps Pixley website very late last night Denver time.  Another link to this news item is here.


Here are two more photos in the continuing serious of the finalists in the 2016 Comedy Wildlife Photography AwardsClick to enlarge.161130photo-1



It was another day where gold was under pressure because of a ‘stronger’ U.S. dollar in the early going.  That rally, such as it was, peaked at 8:30 a.m. in New York — and the lows for gold and silver were in shortly after that.  Then the dollar index cratered by far more than it rose during Far East and London trading, but the precious metals weren’t allowed to get far despite the plunge in the dollar index.

And as I mentioned in yesterday’s missive, Tuesday was the last day for traders to exit the December contract in both silver and gold, unless they were standing for delivery, and I would suspect that prices were kept in check during the COMEX session for exactly that reason.

Here are the 6-month charts for all four precious metals, plus copper.  But like the Reuters story mentioned in the Critical Reads section, it’s not only copper’s price that’s way up there…so are lead and zinc.

But since silver is an ‘industrial metal’ as well, you have to wonder why they’re not piling into that.  They may be, but JPMorgan et al aren’t allowing it to show up in the price.  Maybe that’s why palladium has been rallying so strongly as of late.  But platinum is an mostly an industrial metal as well and, like silver, it’s price is in the toilet, too.161130-6-month-gold


And as I type this paragraph, the London open is less than ten minutes away — and I note that all four precious metals rallied a bit in morning trading in the Far East on their Wednesday.  But a dollar index rally magically appeared — and that allowed the power-that-be to turn prices lower.  They began to crawl higher in early afternoon trading in Shanghai — and at the moment, gold is up only 20 cents the ounce currently, with silver up 7 cents.  Platinum is back to unchanged — and palladium is up 2 dollars.

Net HFT gold volume is pretty decent at just over 37,000 contracts — and that number in silver is just over 10,500 contracts.  I would suspect this heavy volume was in response to the price rallies in both these precious metals in morning Far East trading, as the short buyers/long sellers of last resort were there as required.

The dollar index dropped down about 10 basis points the moment that trading began at 6:00 p.m. on Tuesday evening in New York, but by 11:15 a.m. China Standard Time, it was up 30 basis points from that low — and has been chopping quietly sideways since — and is up 13 basis points as London opens.

With November behind us — and the December delivery month in gold and silver starting tomorrow, the only possible fly in the ointment is the Fed rate hike that’s coming up.  But since most traders know that it’s coming, it’s probably already baked in the price cake as far as precious metal prices are concerned.

The question that remains after that is…are ‘da boyz’ done to the downside in gold, silver and platinum?  I don’t know for sure, but Friday’s Commitment of Traders Report will certainly clarify things.

Yesterday, at the close of COMEX trading, was also the cut-off for this Friday’s COT Report — and since no major moving averages were broken yesterday, there wasn’t much, if any, deterioration in the Commercial net short position.  I would expect that most of this week’s COT reporting period volume will be reported in a timely manner, so we should have a pretty good indication of the lay of the land in Friday’s report.

I’ll be interested if Ted Butler has a prediction of what Friday’s numbers will show.  If he does have one, they’ll be in his mid-week column this afternoon.

And as I post today’s column on the website at 4:01 a.m. EST, I see that the gold price has inched higher — and is up a whole 50 cents now that London has been open for an hour.  The rally in silver is somewhat more interesting — and it’s up 13 cents at the moment.  Platinum is now up 3 bucks — and palladium continues to trade like it’s on some other planet — and is up 9 dollars currently.

Net HFT gold volume is very decent at just under 43,000 contracts, but only up about 6,000 contracts in the last hour.  Net HFT volume in silver is just under 12,000 contracts — and that volume is only a few thousand contracts more than it was before the London open as well.

The dollar index, which had been up a bit over 20 basis points when London opened, fell 15 basis points shortly after — and is up just 7 at the moment.

Today is the last trading day in November — and I must admit that I have no clue as to how things will unfold from a precious metal price perspective.  So nothing will surprise me when I check the charts after I roll out of bed later this morning.

That’s all I have today, which is more than enough — and I’ll see you here tomorrow.


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