Another New Intraday Low Price Set In Gold

13 December 2016 — Tuesday


The gold price got sold off five dollars in the first two hours of trading after New York opened at 6:00 p.m. on Sunday evening.  But two hours after that, it was back to unchanged.  It was sold unsteadily lower until it’s low tick was placed in somewhat dramatic fashion with a quick spike down shortly after London opened.  This was a deliberately-set new intraday low price for this move down.  It chopped both quietly and unsteadily higher from that juncture, until just a few minutes before the COMEX close.  It was sold lower by a few dollars in the hour following — and from there traded sideways into the close.

The low and high ticks were recorded by the CME Group as $1,152.50 and $1,167.90 in the February contact.

Gold finished the Monday session in New York at $1,161.90 spot, up $2.30 on the day.  Net volume was very decent at just under 153,000 contracts.

Here’s the 5-minute gold tick chart courtesy of Brad Robertson — and you can see the big volume spike on the low tick in London trading.  There was decent background volume after that but, like is always the case, the real volume kicked in once trading began on the COMEX in New York at 6:20 a.m. Denver time on the chart below.  Volume disappeared as soon as COMEX trading was done at 11:30 a.m. MST.

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‘ feature is a must.

The silver price chopped sideways until an hour before London opened and, like gold, its low tick was set with a short spike down shortly after that as well — and obviously at the same time.  It certainly wasn’t a coincidence.  Silver rallied a decent amount until around 11:20 a.m. GMT, before getting sold down a bit into the COMEX open.  Then away it went to the upside, only to get capped shortly before the equity markets opened in New York, just like gold.  It made it a little higher during the New York lunch hour, but was prevented from trading above $17.15 spot for whatever reason.  Then, after 1 p.m. EST, it was sold lower by a bit, before trading mostly flat in the thinly-traded after-hours market.

The low and high ticks in this precious metal were reported as $16.735 and $17.265 in the March contract.

Silver was closed yesterday at $17.055 spot, up 24 cents from Friday’s close, but would have obviously closed materially higher if it hadn’t been capped around 9:20 a.m. EST in New York.  Net volume was pretty healthy at just under 48,000 contracts.

Here’s the 5-minute silver tick chart from Brad as well.  There was a bit of a volume spike at silver’s London low price as well, but since it wasn’t a new low for this move down, the Managed Money traders weren’t big sellers.  Like gold, most of the volume that mattered after that occurred in New York.

And also like the gold chart, 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 as well.

The platinum price traded mostly like silver on Monday , but without the spike low that came shortly after the Zurich/London open.  Its rally at the COMEX open also ran into ‘resistance’ just before 9:30 a.m. EST — and although it traded a bit higher during the New York lunch hour [as did silver] it was sold lower by a few minutes after the COMEX close — and didn’t do a lot after that.  Platinum finished the Monday session at $930 spot, up 16 dollars on the day.  But, like silver, would have close materially higher if allowed to trade freely, which it obviously wasn’t.

Palladium didn’t do much on Friday — and spent most of the day chopping sideways a dollar or so above unchanged.  It’s ‘high’ of the day, such as it was, also came at 9:20 a.m. in New York.  From there it was sold steadily lower — and finished the Monday session at $720 spot, down 8 bucks from Friday.

The dollar index closed very late on Friday afternoon in New York at 101.58 — and jumped up a bit once trading began just before 5 p.m. EST on Sunday afternoon.  After that it didn’t do much until around 8:15 a.m. China Standard Time on their Monday morning.  At that point, it rallied sharply to its 101.78 high tick about 8:35 a.m. CST, but began to chop lower in a very wide range from there.  It caught a bit of a bid around 9:20 a.m. in New York — and that reprieve lasted until 11:30 a.m. EST.  Then it really fell out of bed, with the [approximate] 100.84 low tick coming minutes before 1 p.m.  It ‘rallied’ a bit from there [with help from the usual ‘gentle hands’ I suspect] until a few minutes after 3 p.m. — and back above the 101.00 mark.  But that was the end of that — and it continued lower into the close, finishing the Monday session at 100.92 — down 66 basis points from Friday.

Including the engineered low ticks in gold and silver in early London trading on Monday, the price action in all four precious metals after 9:20 a.m. EST in New York certainly reeked of heavy price management by JPMorgan et al.  They weren’t about to allow them to confirm the continued sell-off in the dollar index after that.

Here’s the 6-month U.S. dollar index chart —  and you can read into it whatever you wish.

The gold stocks opened slightly above unchanged — and began to head higher shortly after 10 a.m. in New York.  They peaked out around 12:35 p.m. EST — and then headed lower from there, as the HUI only close up 0.85 percent.

The silver equities performed in a similar manner — and were up a bit over two percent by 12:40 p.m. in New York, which is when silver’s high tick was hit.  But they were aggressively sold off after that — and Nick Laird’s Intraday Silver Sentiment Index closed up only 0.39 percent.  I was underwhelmed once again.  Click to enlarge if necessary.

The CME Daily Delivery Report showed that 1 gold and 209 silver contracts were posted for delivery within the COMEX-approved depositories on Wednesday.  The sole issuer in silver was HSBC USA.  Of course it was JPMorgan as the biggest long/stopper, with 103 for its own account and 14 contracts for it clients.  Canada’s Scotiabank picked up 61 contracts —and Citigroup was the distant ‘also ran’ with 16.  A link to yesterday’s Issuers and Stoppers Report is here.

The CME Preliminary Report for the Monday trading session showed that gold open interest in December dropped by 229 contracts leaving 1,096 still around.  Friday’s Daily Delivery Report showed that zero gold contracts were actually posted for delivery today, so that means that 229 short/issuers were let off the December delivery hook by those holding the long side of those trades.  Silver o.i. in December fell by 77 contracts, leaving 590 still left.  Friday’s Daily Delivery Report showed that 118 silver contracts were actually posted for delivery today, so that means that another 118-77=41 silver contracts were added to the December delivery month.

There was another withdrawal from GLD yesterday, as an authorized participant took out 38,114 troy ounces.  And as of 9:03 p.m. EST last night, there were no reported changes in SLV.

There was a smallish sales report from the U.S. Mint yesterday.  They sold 500 troy ounces of gold eagles, plus 1,500 one-ounce 24K gold buffaloes.  That may prove to be the last of the 2016 mintage that they had laying around.

There was decent activity in gold over at the COMEX-approved depositories on the U.S. east coast on Friday, as 45,408 troy ounces were received — and 159,524 troy ounces were shipped out.  All of the ‘in’ activity was at HSBC USA — and 126,518 troy ounces of the ‘out’ activity was at Brink’s, Inc.  The rest…33,005 troy ounces…came out of Canada’s Scotiabank.  The link to that is here.

In silver, there was 607,292 troy ounces received at CNT — and 337,306 troy ounces shipped out of Brink’s, Inc.  The link to this activity is here.

It was pretty quiet for a change over at the COMEX-approved gold kilobar depositories in Hong Kong on their Friday.  There were 1,214 received — and another 360 shipped out.  The link to that activity, in troy ounces, is here.

Nick Laird passed around the monthly chart showing the withdrawals from the Shanghai Gold Exchange for November — and Nick says that 214.718 metric tonnes were taken out in that month, which is a very decent amount.  Here’s the chart with the updated added.  Click to enlarge.

I have an average number of stories for you today — and I’ll happily leave the final edit up to you once again.


Boeing Signs $17 Billion Deal with Iran, Challenges Republican Effort to Block Sales

Iran’s official news agency, IRNA, said this morning that the Islamic Republic has signed an agreement with The Boeing Co. (NYSE: BA) to purchase 80 aircraft valued at around $16.6 billion (C$21.88B). The deal comes less than a month after the U.S. House of Representatives passed legislation that would prohibit the Treasury Department from issuing licenses for aircraft sales to Iran thus making it impossible to finance the sales.

The order, which was first revealed in June, comprises 50 737 MAX 8s, 15 777-300ERs and 15 777-9s.

In a statement released later on Sunday morning, Boeing said: “Today’s agreement will support tens of thousands of U.S. jobs directly associated with production and delivery of the 777-300ERs and nearly 100,000 U.S. jobs in the U.S. aerospace value stream for the full course of deliveries. The first airplanes under this agreement are scheduled for delivery in 2018.

If the sale is a metaphorical poker game, Boeing has just seen the last political raise — and bumped it by $16.6 billion and 100,000 U.S. jobs. Congressional Republicans want to scuttle the agreement between Iran and the six-nation coalition, including the United States, that relaxed sanctions on the Islamic Republic in exchange for a halt (or at least a slowdown) to Iran’s nuclear development program.

This story appeared on the Internet site on Sunday sometime — and another link to it is here.

The 2016 “Saker man of the year”: the American “basket of deplorables

Yeah, once again, I am going to engage in that silly business when I pretend that my blog is a “respectable media outlet” and, as such, to give myself the proper credibility and gravitas I have to copy Time magazine and others and chose a “man of the year”.  This year, however, this truly was a no-brainer.  The 2016 “man of the year” is, of course, the American “basket of deplorables“.

No, not Trump.  Trump might well be Time’s man of the year, but as far as I am concerned, this man is just a promise, and he will remain that to me until he delivers on what he has promised the American voter.  No, the real heroes of our story today are, of course, the millions who dared defy the Empire and who voted for Trump.

The American voter who inflicted the worst bitch-slap to the U.S. propaganda machine (aka “the mainstream media”) ever.  What happened in this election is nothing short of the biggest defeat in the history of propaganda.

As an ex Cold Warrior who studied the Soviet media for a living, I can say that the U.S. media nowadays is infinitely worse in its willingness to not only lie, but condescendingly deny the obvious, show a total lack of conscience or even basic decency.  U.S. presstitutes give prostitution a bad name.

This very interesting commentary was posted on Internet site last Thursday — and I thank Larry Galearis for sending it my way on Saturday.  Another link to it is here.

Inflation-hit Venezuela to pull largest bill from circulation

Venezuela, mired in an economic crisis and facing the world’s highest inflation, will pull its largest bill, worth two U.S. cents on the black market, from circulation this week ahead of introducing new higher-value notes, President Nicolas Maduro said on Sunday.

The surprise move, announced by Maduro during an hours-long speech, is likely to worsen a cash crunch in Venezuela. Maduro said the 100-bolivar bill will be taken out of circulation on Wednesday and Venezuelans will have 10 days after that to exchange those notes at the central bank.

Critics slammed the move, which Maduro said was needed to combat contraband of the bills at the volatile Colombia-Venezuela border, as economically nonsensical, adding there would be no way to swap all the 100-bolivar bills in circulation in the time the president has allotted.

Central bank data showed that in November, there were more than six billion 100-bolivar bills in circulation, 48 percent of all bills and coins. Authorities on Thursday are due to start releasing six new notes and three new coins, the largest of which will be worth 20,000 bolivars, less than $5 on the streets.

This Reuters news item, filed from Caracas, showed up on their Internet site at 6:40 p.m. EST on Sunday evening — and I found it embedded in a GATA release.  Another link to this story is here.  I also received an article about this from Swedish reader Patrik Ekdahl — and it’s head lined “Venezuela is banning its biggest banknote amid smuggling and 2,000{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} inflation“.

Britain’s Bank Governor’s ‘dynamite’ warning on wages and globalisation

Since becoming Governor of the Bank of England, Mark Carney has delivered his fair share of important speeches.

But by some yardsticks, the speech the Governor has delivered in Liverpool may go down as one of his most significant.It will do so not just for the spirited defence it includes against those notorious attacks from the Prime Minister, who used her party conference speech to attack the Bank’s low interest rates and quantitative easing schemes.

This speech is important because Mr Carney has effectively admitted that globalisation is not working – and insisted the Government needed to do more, urgently, to try to resolve the problem.

He admitted that we are now facing the first lost decade for wages since the Victorian era.

This article put in an appearance on the Internet site a week ago — and it’s the second offering of the day from Patrik Ekdahl.  Another link to it is here.

IMF chief Lagarde goes on trial over payout to French tycoon

Christine Lagarde is taking time off her day job tackling the world’s financial crises to face trial on Monday for her role in a $425 million state payout to a French tycoon in 2008.

The well-respected, silver-haired head of the International Monetary Fund denies wrongdoing in the case, which dates to her time in the French government when she was finance minister.

Lagarde, 60, faces up to a year in prison and a €15,000 ($16,000) fine if convicted of negligence. The judges are expected to return a verdict in the wake of the last hearing, on December 20, but they can also announce a ruling at a later date.

The trial and possible conviction may raise concern about her ability to remain IMF boss. The Washington-based institution’s credibility was already shaken when her predecessor, Dominique Strauss-Kahn, also a French citizen, was forced to resign amid allegations of sexual assault in 2011.

The IMF’s board has so far supported Lagarde at all stages of the French legal proceedings, which began the month after her appointment in July 2011. It reiterated its support and confidence last week.

In an interview with France 2 television on Sunday, Lagarde said she was confident that she had done nothing wrong

This story showed up on the Internet site yesterday sometime — and I thank Roy Stephens for passing it along.  Another link to it is here.

Big Gold Theft From Armored Truck in France; 4 on the Run

French police say they are hunting for four men suspected of stealing gold dust worth an estimated 1.5 million euros from an armored truck Monday before setting cars ablaze near a major highway and fleeing.

The suspects, operating in multiple cars, surrounded the armored truck and forced it off the A6 highway between Paris and Lyon, a national gendarme service spokesman and a judicial official said.

They then seized the gold, locked the two delivery men in the back of the truck, and set one of their own cars on fire before fleeing, according to the spokesman.

He said the flames spread to three cars nearby and were threatening to engulf the armored truck as well, but local police intervened thanks to a tip off from a witness and rescued the two men in time. The other cars were unoccupied, the judicial official said.

This AP story, filed from Paris, was picked up by Internet site at 3:22 p.m. EST on Monday — and another link to it is here.  It’s another contribution from Patrik Ekdahl.

Turkey scrambles to cut its losses in Syria

Amberin Zaman reports that “Turkey’s outsize ambitions in Syria lie in shreds as forces loyal to President Bashar al-Assad press on to assert control over the rebel strongholds that remain in Aleppo.

This column wrote last week that Turkish President Recep Tayyip Erdogan’s Syria policies hit a dead end in Aleppo. Zaman picks up this theme, noting a near-frantic desire by Ankara for a reset in Turkish-Russian ties, including a visit by Prime Minister Binali Yildirim to Russia Dec. 6.

Until recently, most pundits had reckoned that Turkey would not make any dramatic changes to its Syria policy until a new administration takes office in Washington,” Zaman writes. “This, however, was premised on the Democratic presidential candidate, Hillary Clinton, who echoed Turkey’s calls for a no-fly zone in Syria, winning the election. President-elect Trump, on the other hand, has voiced deep skepticism about the rebels, prompting Turkey to consider cutting its losses.”

Zaman continues, “The latest developments in Aleppo suggest that some kind of understanding has been reached, with Turkey reportedly mediating on behalf of the rebels and their families for their withdrawal to Idlib. Ankara is in a hurry because of its paranoia over the Syrian Kurdish statelet it sees emerging along its border. It is desperate to stop the Syrian Kurdish People’s Protection Units (YPG) from physically linking all the cantons under its control. This, in turn, means preventing the YPG from taking the town of al-Bab from the Islamic State and also striking a deal with Russia, and by extension with the Assad regime, presumably at the Syrian Kurds’ expense.”

This news item appeared on the Internet site on Sunday sometime — and it’s another contribution from Roy Stephens.  Another link to it is here.

Syrian general says Aleppo offensive in final stages

The Syrian army and its allies are in the “last moments before declaring victory” in Aleppo, a Syrian military source said, after rebel defenses collapsed on Monday, leaving insurgents in a tiny, heavily bombarded pocket of ground.

A Reuters journalist in the government-held zone said the bombardment of rebel areas of the city continued non-stop on Monday, and a civilian trapped there described the situation as resembling “Doomsday”.

The battle in eastern Aleppo should end quickly. They (rebels) don’t have much time. They either have to surrender or die,” Lieutenant General Zaid al-Saleh, head of the government’s Aleppo security committee, told reporters in the recaptured Sheikh Saeed district of the city.

Rebels withdrew from all districts on the east side of the Aleppo river on Monday afternoon after losing Sheikh Saeed in the south of their pocket in overnight fighting, the Syrian Observatory for Human Rights said.

In government-held districts, soldiers started to fire into the air in celebration, carving tracer bullets into Aleppo’s night sky, and car drivers honked their horns at what they believed was imminent victory, state television showed.

This Reuters story, co-filed from Aleppo and Beirut, is datelined 9:17 p.m. EST Monday night, so it has obviously been updated at least once since Brad Robertson sent it to me at 8:51 a.m. EST Monday morning.  Another link to it is here.

Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries

Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.

Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers to wrest back control of the global oil market, depressed by persistent oversupply and record inventories.

This is shock and awe by Saudi Arabia,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London. “It shows the commitment of Riyadh to rebalance the market and should end concerns about OPEC delivering the deal.

Oil prices have surged more than 15 percent since OPEC announced Nov. 30 it will cut production for the first time in eight years, rising this week briefly above $55. The price rise has propelled the shares of energy groups from Exxon Mobil Corp. to shale firms such as Continental Resources Inc.

This Bloomberg article was posted on their website at 5:45 a.m. Denver time on Saturday morning.  It was updated about eight hours later.  Another link to it is here — and it’s the final contribution of the day from Patrik Ekdahl — and I thank him on your behalf.

3, 2, 1, Boom’ — Silver-Fixing Allegations in a Dozen Chats

A cache of documents from Deutsche Bank AG include what a group of silver investors claim is a “smoking gun”: private electronic chats showing traders from numerous banks conspiring to rig prices from 2007 to 2013, according to a court filing in New York last week.

The bank provided the documents to the investors after settling a lawsuit accusing it of rigging markets in precious-metals. As part of the accord in April, the bank paid $38 million and turned over more than 350,000 pages of documents and 75 audio tapes. The investors now want to use the chats to win permission from a judge to file a new complaint against other banks.

The traders aren’t named in the chats now in court filings; instead, they are identified by their bank, such as UBS Trader A. The chats have not been edited for spelling or grammar.

UBS and Deutsche Bank silver traders agreed to follow the “11 o’clock” rule where they would short silver at 11 a.m., timing their trades with a countdown sequence, according to court papers.

This Bloomberg news item, with a 3:32 minute embedded video, was posted on their Internet site at 10:00 p.m. MST on Sunday night — and it arrived in my in-box from Brad Robertson via Zero Hedge very early on Monday morning.  Another link to it is here.

Axis Bank, India’s top gold importer, suspends bullion dealers accounts

Axis Bank Ltd, India’s top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering.

The move is likely to curtail imports by the world’s second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months.

“We have temporarily suspended transactions in a few current accounts as a part of a larger enhanced due diligence exercise being conducted on transactions post-demonetisation,” the bank said in an e-mailed reply to questions from Reuters.

Prime Minister Narendra Modi scrapped 500-rupee and 1,000-rupee banknotes on Nov. 8 in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed to tax authorities.

There have also been reports of people rushing to buy gold by paying as much as a 50 percent premium above official prices using their unaccounted money to skirt the note ban.

This Reuters news item, filed from Mumbai, put in an appearance on their website at 3:50 p.m. IST on their Monday afternoon — and I plucked it from a Zero Hedge story that ‘David in California’ passed around last evening.  Another link to it is here.

Forced into digital transactions, Indians resume buying gold anyway

Gold sales have picked up by 40-50 percent this month as consumers are getting used to digital transactions to purchase the metal.

Gold jewellery sales are slowly picking up after having tumbled 75-80 percent following the government’s November 8 announcement demonetizing high-value old currency notes.

Jewellers and traders said consumers in metros and smaller towns are gradually opting for digital transactions to purchase the metal to take advantage of its its falling prices. Gold price has softened 11{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} since November 8.

More importantly, artisans in the gold trade, who were asked to return home as orders dried up, are slowly returning to work.

This gold-related news item showed up on the Economic Times of India website yesterday — and I found it on the Internet site.  Another link to it is here.

Indian gold imports said to jump to year’s high in November

Gold imports by India, the second-biggest consumer, are said to have climbed 10 percent in November to the highest this year, according to a person familiar with provisional Finance Ministry data. Demand increased as jewelers built up stockpiles for the marriage season, a trade group said.

Overseas purchases rose to 111 metric tons from 101 tons a year earlier, the person said, asking not to be identified as the data aren’t public. For the 11 months through November, shipments slumped 43 percent to 513.9 tons from a year earlier, according to provisional ministry data compiled by Bloomberg. Finance Ministry spokesman D. S. Malik declined to comment on the data.

Consumption is on track to drop to the lowest in seven years in 2016 because of higher prices, an excise tax on jewelry and the government’s push to bring more transparency to the financial system where gold is used as a home for undeclared income. Prime Minister Narendra Modi dealt demand another blow when he scrapped notes of higher denominations, reducing cash supply.

This Bloomberg offering was posted on their Internet site at 3:06 a.m. MST on Monday morning — and it was embedded in another GATA release from yesterday.  There’s also a 3:40 minute video interview with Frank Holmes that certainly isn’t worth your time.  Frank knows full well the markets are rigged, but wouldn’t breath a word about it in public, because it’s bad for business.  Another link to this article is here.


Here are two more of the finalists in for the 2016 Comedy Wildlife Photography Awards.  The Click to Enlarge feature only works for the second photo.


What is so amazing to me is how little is written about JPMorgan’s pattern of being the largest taker of physical silver via COMEX futures deliveries over the past couple of years, with mostly all of it in the bank’s name. It’s not as if the data is hard to find and is further substantiated by the growth of silver held in the JPMorgan COMEX warehouse over the past five and a half years. Based upon this data alone, it’s hard not to see that JPM has been on a physical silver acquisition binge, while at the same time, holding the largest paper short position in COMEX futures. Short sell paper contracts to depress the price so it can scoop up physical silver at the prices it depressed. The only thing that could be more obvious would be stealing silver at gunpoint.Silver analyst Ted Butler: 10 December 2016

As I mentioned at the top of today’s column, ‘da boyz’ set a new intraday low in gold for this move down on Monday.  It was another expert salami-slicing job as Ted Butler would say.  And as I also pointed out, once the precious metals were capped just before the equity markets opened in New York on Monday morning, they weren’t allowed to react as the dollar index continued to slide in afternoon trading.

I must admit that the precious metal equities didn’t exactly make my heart go pitter patter yesterday…particularly the silver shares.

Here are the 6-month charts for all four precious metals, plus copper — and the new intraday low in gold is the only point of interest.

And as I type this paragraph, the London open is less than ten minutes away — and I see that precious metal prices didn’t do much in Far East trading on their Tuesday.  Gold is down 80 cents — and silver is unchanged from its close in New York on Monday afternoon.  Platinum is down 2 dollars — but palladium is up 4 bucks.

Net HFT gold volume is a hair under 20,000 contracts, which is pretty light — and in silver that number is a bit under 5,500 contracts.  Roll-over/switch volume in both metals is nonexistent.

The dollar index was helped back to the 101.00 mark by around 9:30 a.m. in Shanghai.  It sagged back below that number in early afternoon trading over there, but quickly got rescued — and is sitting at the 100.98 mark, up 6 basis points as London opens.

Today is the start of the much-anticipated FOMC meeting — with the baked-in-the-cake interest rate hike coming up after the COMEX close on Wednesday.  As I mentioned late last week, it remains to be seen if the powers-that-be hammer the precious metals on that news, or is this rate increase already factored into their respective prices?  I’ll bet the usual $10 on the former outcome — and hope I’m wrong.

And also today, at the close of COMEX trading, is the cut-off for this Friday’s Commitment of Traders Report — and I’ll wait until tomorrow’s column to offer a prognosis as to what might be in it.

And as I post today’s column on the website at 2:00 a.m. EST, I see that the gold price got leaned on a bit once London opened — and is down $4.00 an ounce at the moment.  They have silver down 7 cents.  Platinum is now lower by 6 bucks, but palladium is still up 3 dollars.

Net HFT gold volume has risen to a bit above 25,000 contracts in the first hour or trading in London — and that number in silver is 6,500 contracts.  These aren’t big volumes.

The dollar index continues to crawl higher from its 3:10 p.m. Shanghai low tick — and is now up to 100.18 and up 16 basis points from Monday’s close in New York.

I would guess that all bets are off as far as precious metal prices are concerned over the next couple of days now that the FOMC meeting is starting.  It’s a reasonable assumption to make that JPMorgan et al will be present whenever — and wherever required during that time period.

All we can do is wait it out.

That’s it for today — and I’ll see you here tomorrow.


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