The Dollar Index Craters Again — Precious Metal Prices Get Capped Again

01 February 2017 — Wednesday


The gold price rallied to just over the $1,200 spot mark by shortly after noon China Standard Time on their Tuesday — and by 9 a.m. in London, almost all of that gain had been taken away.  The price didn’t do a lot until the dollar index began to head south at 11:35 a.m. GMT — and then it began to rally anew, only to be stopped dead in its tracks at the noon silver fix in London.  Another rally began at 9 a.m. in New York — and that ran into ferocious resistance from ‘da boyz’ minutes after the equity markets opened at 9:30 a.m. EST.  The high tick came at, or minutes after, the London p.m. gold fix — and then the price was forced lower in heavy volume until the 1:30 p.m. COMEX close.  The price rallied from there until shortly after 2 p.m. in the thinly-traded after-hours market — but by the 5 p.m. close, most of that gain was history as well.

The low and high tick for gold yesterday were reported by the CME Group as $1,195.60 and $1,217.40 in the April contract, which is now the new front month.

Gold was closed in New York yesterday afternoon at $1,210.30 spot, up $15.00 from Monday.  Net volume was sky high at a bit under 230,000 contracts, as JPMorgan et al threw tonnes of paper gold at the price to keep it from heading for the moon and the stars.

Here’s the 5-minute gold chart courtesy of Brad Robertson as usual.  There was noticeable volume in late afternoon trading in the Far East, but it really began to pick up once gold began to rally as the dollar index cratered around 4:30 a.m. Denver time, which was 11:30 a.m. in London.  The big volume came once gold began to rally after 7:30 a.m. MST/9:30 a.m. in New York as ‘da boyz’ put on the gold fire before it got out of hand.  It never really dropped off to background levels, even well after the COMEX close.

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.

It was the same price action in silver, except the market appeared to go ‘no ask’ at the noon silver fix in London — and the powers-that-be stepped in within a few seconds of the price going vertical.  You can tell from the saw-tooth rally pattern from there that JPMorgan et al were all over the price like white on rice, as Ted Butler likes to say.  That lasted until shortly after 2 p.m. EST — and it traded flat from there into the close.

The low and high tick in this precious metal was recorded as $17.105 and $17.635 in the March contract.

Silver finished the Tuesday session at $17.545 spot, up 47 cents from Monday’s close.  Net volume was extremely heavy at just over 62,500 contracts.  ‘Da boyz’ were obviously at battle stations yesterday.

Here’s the 5-minute silver chart from Brad as well.  It started to sail around 5:30 a.m. Denver time as well — and the price spikes in the New York session were necessary to keep silver from breaking out in the big rally that we’ve all been waiting for.  Once the COMEX closed at 11:30 a.m MST, the volume level dropped off to slightly above background for the rest of the day.

As in gold, 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 here as well.

Platinum followed a similar price path to gold — and it wasn’t allowed to blast higher in London and New York for the very same reason that gold and silver weren’t.  Of course it was “all the usual suspects” as short buyers and long sellers of last resort there as well.  Platinum was closed at $993 spot, up 6 bucks on the day.

After trading mostly flat for the first hour or so, palladium blasted higher — and was up 15 dollars by shortly after 10 a.m. China Standard Time.  About half of those gains were gone three hours later — and it chopped sideways until the dollar cratered.  The ensuing rally wasn’t allowed to get far — and it didn’t do a lot after that.  Palladium finished the Tuesday session at $752 spot — and up $14 on the day.

Needless to say, precious metal prices would have blown through the roof if allowed to trade freely yesterday, which they obviously weren’t.

The dollar index closed very late on Monday afternoon in New York at 100.38 — and traded erratically sideways throughout the entire Far East trading session on their Tuesday, until the roof caved in at 11:35 a.m. GMT in London.  The 99.43 low tick was set a minute or so before the London close — and the usual ‘gentle hands’ appeared at that juncture.  The rally attempt at that point crashed and burned by 2:30 p.m. EST — and they were forced to intervene once again.  From there, the index rallied quietly into the close, finishing the Tuesday session at 99.56…down 82 basis points on the day.

And here’s the 6-month U.S. dollar index chart — and as you can tell, it’s still trying to seek its intrinsic value.  Except for those ‘gentle hands’…it would have arrived there years ago.

The gold stocks gapped up about two and a half percent at the open — and then sagged a bit until shortly before 12:30 p.m. in New York trading.  They rallied quietly and unsteadily from there — and the HUI closed virtually on its high tick of the day, up 2.92 percent.

It was almost the same price path for the silver equities, except their collective highs came a minute or so before 11 a.m. EST…sold off until 12:30 p.m…and rallied quietly into the close from there.  Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed up by 3.08 percent.  Click to enlarge if necessary.

The CME Daily Delivery Report for Day 2 of the February delivery month showed that 1,159 gold and 50 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday.  In gold, it was a real dog’s breakfast of issuers and stoppers.  On the short/issuer side, the tallest hog was JPMorgan out of its client account once again with 700 contracts,  ABN Amro was a distant second with 159 — and ADM issued 75.  On the long/stopper side it was “all the usual suspects” — HSBC USA with 634 contracts…Canada’s Scotiabank with 134 contracts…and JPMorgan with 105 contracts — and all for there respective in-house [proprietary] trading accounts.  In silver, International F.C. Stone issued 49 contracts — and the two long/stoppers that mattered were Scotiabank with 28 — and Citigroup with 13.  The link to yesterday’s Issuers and Stoppers Report is here — and it’s worth a look, if you have the interest.

The CME Preliminary Report for the Tuesday trading session showed that gold open interest in February fell by 2,966 contract, leaving 3,489 left, minus the 1,159 contracts mentioned in the previous paragraph.  First day delivery notice showed that 3,291 gold contracts were actually posted for delivery today, so that means that 3,291-2,966=325 more gold contracts were added to February.  Silver o.i. in February declined by 61 contracts, leaving 185 still around, minus the 50 contracts mentioned in the previous paragraph.  First day notice for silver deliveries showed that 88 silver contracts were actually posted for delivery today, so that means that 88-61=17 more silver contracts just got added to February.

For the second day in a row there was no data posted on GLD‘s home page, so I have nothing to report once again.  I’ll try to get to the bottom of this today sometime.  And as of 7:20 p.m. EST yesterday evening, there were no reported changes in SLV.

There was a decent sales report from the U.S. Mint to end January.  They sold 3,500 troy ounces of gold eagles — 500 one-ounce 24K gold buffaloes — and 150,000 silver eagles.

For the month of January, the mint sold 117,500 troy ounces of gold eagles — 32,000 one-ounce 24K gold buffaloes — and 5,127,500 silver eagles.

There was very little activity in gold over at the COMEX-approved depositories on the U.S. east coast on Monday.  Nothing was reported received — and only 7,963 troy ounces were shipped out.  All of the ‘out’ activity was at the Manfra, Tordella & Brookes, Inc. depository — and I won’t bother linking this small amount.

It was much busier in silver, of course, as 1,192,863 troy ounces were reported received — and nothing was shipped out.  One container was shipped into Brink’s Inc…and that totalled 593,100 troy ounces.  The other container went into CNT…and that amounted to 599,763 troy ounces.  The link to that action is here.

And because of the Chinese New Year holiday, there was no activity at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday.  I doubt if there will be any movement here until next week.

Here’s a chart that Nick Laird slid into my in-box at 4:53 p.m. Denver time yesterday afternoon.  It shows the gold holdings at the New York Federal Reserve Bank updated with December’s data.  And as Nick noted, it’s the third month in a row where there has been no change…in or out.  Click to enlarge.

I have another day with a fairly decent story count, plus an audio interview with Keith Neumeyer.  I hope there are a few other stories in there that you feel are worth your while as well.


Can Trump Deliver? — Paul Craig Roberts

My view of Trump is conditional and awaits evidence. I am encouraged by the One Percent’s opposition to Trump, or we have just experienced the greatest ruse in history. Indeed, a pointless ruse, as the Establishment had its candidate in Hillary.

Trump’s executive orders don’t support the argument that he is acting for the One Percent. Trump nixed the global corporations’ beloved TPP. He is trying to close down the mass immigration that the corporations use to suppress domestic wage rates. He is committed to normalizing relations with Russia, much to the discomfort of the neoconservatives and the military/security complex.

As for Mnuchin, he left Goldman Sachs in 2002, the same year that Nomi Prins left Goldman Sachs. That was 14 years ago. We know for a fact that Nomi, a former managing director, is not an operative for Goldman Sachs, so my position is to wait and see what Mnuchin does before we declare him to be a Goldman Sachs agent. For a different view see Nomi Prins in the Guest section of this website.

Think about it this way: If Trump is sincere, and the Ruling Establishment seems to think that he is, about cleaning out a nest of outlaws, what better help could he have than one of the outlaws?

Change from the top requires tough mean people. Anyone else would be run over.

This very worthwhile commentary appeared on Paul’s website yesterday — and it comes to us courtesy of Larry Galearis.  Another link to it is here.

DOW 20K: Is the Stock Market Really Setting New Highs? — Mike Maloney

Is the stock market really making new highs? Or is it just an illusion? “The longer this party goes on, the worse it’s going to be for the average investor.” – Mike Maloney.

In this video, Mike shows you that despite the all-time record high set by the Dow Jones Industrial Average, stocks are actually worth less today than they were years ago. He proves this by measuring the historical values of the Dow in oil, copper, and gold and comparing them to today.

You’ll see what’s driving stocks higher and higher and why a crash is coming.

This 8:45 minute video from Mike showed up on the Internet site yesterday — and I thank his right-hand guy Dan “The Man” Rubock for sending it our way.  Another link to it is here.

More hints that Trump’s trade policy will focus on currency valuations

Germany is using a “grossly undervalued” euro to exploit the United States and its E.U. partners, Donald Trump’s top trade adviser has said in comments that are likely to trigger alarm in Europe’s largest economy.

Peter Navarro, the head of Mr Trump’s new National Trade Council, told the Financial Times the euro was like an “implicit Deutsche mark‘ whose low valuation gave Germany an advantage over its main partners. His views suggest that the new administration is focusing on currency as part of its hard-charging approach on trade ties.

In a departure from past U.S. policy, Mr Navarro also called Germany one of the main hurdles to a U.S. trade deal with the E.U. and declared talks with the bloc over a Transatlantic Trade and Investment Partnership dead.

The above three paragraphs are all that are posted in the clear in this Financial Times story from yesterday.  The actual headline reads…”Trump’s Top Trade Adviser Accuses Germany of Currency Exploitation“.  I found this news item embedded in a GATA release.

Trump Foiled Soros’ Master Plan to Impose New World Order — Hedge Fund Manager

George Soros and Clinton Inc. were nearly able to declare ‘Mission Accomplished’ on their vision of establishing an opaque ‘New World Order’,” Feierstein, a hedge fund manager who has spent 38 years working in the New York, Tokyo and London global financial markets, said on Tuesday.

On Monday, Trump announced that he was scrapping the 12-nation Trans-Pacific Partnership (TPP) that his predecessor President Barack Obama had sought to complete during his eight years in office.

The top-secret TPP free trade agreement was one of the worst trade deals ever crafted by Washington’s pay-to-play culture of corruption, Feierstein stated.

The TPP was deliberately crafted to ensure a form of “globalization” so that these same corporations who designed the “rules” could operate in the dark with total impunity while stripping member nations of their sovereignty and denying consumers of all their rights and protections, Feierstein explained.

TPP was Obama’s ‘Crown Jewel’ achievement after 35 years of failed neoliberalism funded by oligarchs for the benefit of oligarchies,” he observed.

This commentary put in an appearance on the Internet site back on January 26 — and I thank Roy Stephens for pointing it out.  Another link to it is here.

The Ice-Nine Lockdown — Jim Rickards

In Cat’s Cradle, a doomsday machine is created. Scientists discovered a molecule called Ice-Nine, very similar to water (H₂O), with two differences.

Number one, it has a melting point of 45 degrees Celsius, which means it’s frozen at room temperature. The other characteristic is that if a molecule of Ice-Nine comes in contact with a molecule of water, the water turns to Ice-Nine. In other words, it turns to a form of ice.

The plot of the book was that there was only a small amount of this Ice-Nine, and the scientist gave it to his three children in vials. As long as the vials were sealed, it was all good. If you opened the vial and poured the Ice-Nine into a stream, the stream would freeze, then the lake would freeze, a river would freeze, an ocean would freeze — the entire planet would freeze. We would be in a new ice age, and life on Earth would be wiped out.

This commentary from Jim was posted on the Internet site on Monday ‘down under’ — and it comes to us courtesy of Harold Jacobsen — and another link to it is here.

French police search Fillon office as fraud affair rocks campaign

French police searched presidential candidate Francois Fillon’s office in parliament on Tuesday as an inquiry into alleged fake work by his wife threatened his campaign and party leaders began to consider a ‘Plan B’ without him.

Fillon had been favorite to win the presidency for the conservative Republicans party until a week ago, when it was reported that his wife Penelope had drawn hundreds of thousands of euros in pay from state funds without doing any work.

Fillon has said his Welsh-born wife, with whom he has five children, did real work for her pay as a parliamentary assistant. She has not commented.

An urgent official inquiry was opened last week.

An opinion poll published on Sunday showed him losing support, with rival independent centrist Emmanuel Macron having caught up with him. A poll on Tuesday indicated 76 percent of voters were not convinced of his professed innocence.

This Reuters news item, which I plucked from a Zero Hedge article, was filed from Paris — and appeared on their Internet site at 2:21 p.m. EST on Monday afternoon.  I thank Richard Saler for finding it for us — and another link to it is here.

Deutsche Bank fined $630 million for failures over Russian money-laundering

Deutsche Bank agreed to pay $630 million in fines to U.S. and U.K. regulators for failing to prevent around $10 billion in suspicious trades being laundered out of Russia, settling a second major legal case this month.

The scheme involved so-called mirror trades between the bank’s Moscow, London and New York offices from 2011 to 2015, in which it bought Russian blue-chip stocks in rubles on behalf of clients and sold the identical quantity of the same stocks at the same price through its London branch shortly afterwards.

The offsetting trades here lacked economic purpose and could have been used to facilitate money laundering or enable other illicit conduct,” the New York Department of Financial Services said, which fined Deutsche Bank $425 million.

The bank missed numerous opportunities to detect, investigate and stop the scheme due to extensive compliance failures, allowing the scheme to continue for years.

This Reuters story, co-filed from New York and Frankfurt, showed up on their website at 4:00 a.m. EST on Tuesday morning — and my thanks go out to Patrik Ekdahl for sharing it with us.  Another link to it is here.

Is Italy’s Banking Problem Becoming Too Big to Solve?

Ever since the European Commission and ECB jointly decided that Italy’s government could bend E.U. banking rules out of all recognition in order to bail out the country’s third largest bank, Monte dei Paschi di Siena, Europe’s financial stocks have been on a tear. But the good times were brought to a grinding halt Monday after Italy’s largest bank, Unicredit, which employs 55,000 people in 17 countries, announced losses for 2016 of €11.8 billion.

By the bank’s logic, it would have announced profits if it hadn’t had to write off €12.2 billion, including billions of euros of non-performing loans (NPLs) festering on its balance sheets.

But it got worse. In the registration document for its pending recapitalization, published on its website today, Unicredit also announced that its capital ratios at the end of 2016 might fall short of ECB requirements. It was enough to prompt a 5.45{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} slide in its shares. As detected in the ECB’s latest stress test, Unicredit already had the slimmest capital buffer of all Europe’s Global Systemically Important Banks (G-SIBs). And it just got slimmer.

The reality today is not comforting: a bank that is officially too big to fail, with over €1 trillion of “assets” on its books, just admitted that things are even worse than initially feared. Somehow, Unicredit will need to raise €13 billion in new capital by the end of June. If successful, it would be the biggest capital expansion of Italian stock market history.

This worthwhile commentary showed up on the Internet site on Monday sometime — and I thank Richard Saler for his second offering in today’s column.  Another link to it is here.

Alarms Are Sounding in European Bonds

Jean-Claude Trichet, the European Central Bank’s former president, used to argue that one of the euro’s greatest achievements was driving government borrowing costs down to match those of Germany, the region’s benchmark borrower. In recent weeks, however, fissures have emerged that reflect investor concern about the political and economic outlook for at least three of the common currency’s members.

Bond yields for France, Italy and Greece are all spiking higher relative to benchmarks. French 10-year borrowing costs have surpassed 1 percent for the first time in more than a year on fears that its presidential election will result in a victory for National Front leader Marine Le Pen, whose policy ideas are hardly market-friendly. Italy, deeply divided after a referendum on constitutional reform that led to a change in government, has the added problem of a banking industry that defies remedial efforts. And Greece is back in the news for all the wrong reasons as its creditors wrangle over the latest bailout review.

During Trichet’s tenure at the ECB between November 2003 and November 2011, the average value for the spread between French and German 10-year yields was about 20 basis points. The gap has been widening for several months; this week, it reached a three-year high of 61 basis points.

Italian yields spent the first half of last year below those of Spain. After crossing at the end of June, Italy’s 10-year borrowing cost has marched steadily higher compared with its peer. This week, the gap climbed to its widest level in four years at 70 basis points.

It’s Greece, though, that remains the sickest man in the euro. Greece’s two-year yield has soared by more than 2 full percentage points in the past week, climbing above 9 percent to its highest level since the middle of last year. The gap between 10-year Greek and German yields has also climbed, reaching its widest in 12 weeks.

This longish but worthwhile Bloomberg article was posted on their Internet site at 7:05 a.m. EST on Monday morning — and it’s the second contribution of the day from Swedish subscriber Patrick Ekdahl.  Another link to it is here.

A Marc Faber Triple-Header

1. ‘Dr. Doom’ Marc Faber says U.S. assets set to suffer long term from Trump’s travel ban [3:12]

2.  Mexican peso is ‘very undervalued’ at this level: Faber [3:09]

3.  Volatility will pick up ‘massively’, says Marc Faber [3:01]

All of these interviews are datelined 1:30 a.m. EST on Monday — and because of the time they were posted, I’d guess that they took place at the CNBC studies in either Hong Kong or London.  They’re all courtesy of Ken Hurt, for which I thank him.

Trump Bull in the Mideast China Shop — Eric Margolis

President Donald Trump is getting ready to plunge into the burning Mideast with all the zeal and arrogance of a medieval crusader. The new administration’s knowledge of the region is a thousand miles wide and two inches deep.

Reviving a truly terrible idea originated by know-nothing Congressional Republicans, Trump proposes US-run safe zones in Syria for refugees from that nation’s conflict. The president went out of his way to insist that such safe zones would spare the United States from having to shelter Syrian refugees.

He should better worry about Chicago where 762 citizens were murdered last year.

At the same time, Trump, declaiming from his new Mount Olympus of New York’s Trump Tower, vowed to impose a 30-day halt on immigrants from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen to ‘protect the American people from terrorist attacks by foreign nationals.’

One wonders if any of Trump’s Praetorian Guard noticed that all these listed ‘terrorist’ nations have been attacked by the United States or seen their governments overthrown by Uncle Sam. I’m surprised Afghanistan and Pakistan were left off the list. Their time will likely come soon. Is it any wonder that all of these Muslim nations bear a serious grudge against the United States? The angriest group is ISIS, who are seeking revenge for the destruction of Iraq.

This rather brief opinion piece from Eric showed up on the Internet site on Saturday — and my thanks go out to Larry Galearis for his second offering in today’s column.  Another link to it is here.

Gold Gains as Trump Shocks Markets by Doing What He Said He’d Do

President Donald Trump’s policies have brought gold back to life.

Gold futures rose for a second day, posting the biggest monthly gain since June, on investor concern over moves by Trump that included barring entry by citizens from seven predominantly Muslim nations and firing the acting U.S. attorney general for refusing to enforce the order. The dollar headed for a third straight decline against a basket of 10 currencies, and U.S. stocks slid.

Confusion over U.S trade and immigration policies has helped rekindle haven demand for gold, which in December capped its biggest quarterly decline in more than three years. Money is also flowing back to precious metals as speculation mounts that the Federal Reserve may be more cautious in raising U.S. interest rates amid concerns Trump’s policies could stifle economic growth. Protests from New York to Atlanta to Detroit were held Sunday.

There’s a lot of uncertainty and a lot of backlash over recent administration policies and that’s causing uncertainty in the market, and then all of a sudden the gold market has come back to life,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “The Fed may be slightly more cautious. It’s one thing to bring back jobs, but it’s another thing to cause protests and instability.”

This gold-related Bloomberg story put in an appearance on their Internet site at 10:55 p.m. Denver time on Monday night — and was subsequently updated about thirteen hours later.  It’s the third and final contribution of the day from Patrik Ekdahl — and I thank him on your behalf.  Another link to it is here.

Dr. Dave Janda Interviews First Majestic Silver CEO Keith Neumeyer

This audio interview with Keith took place on Sunday afternoon — and it runs for about twenty-five minutes.  It’s certainly worth listening to if you have the time and/or the interest.


The webpage about Guyana’s national bird, the hoatzin that I posted in yesterdays’ column, led me to another bird called at turaco — and this fellow is a Guinea turaco, or green turaco.   The plumage is largely green and the tail and wings are dark purplish, except for the crimson primary feathers that are very distinct in flight. It is found in forests of West and Central Africa, ranging from Senegal east to D.R. Congo and south to northern Angola.  Click to enlarge.


The precious metal looked destined to close unchanged or down a bit based on the price action at 9 a.m. in London yesterday morning when I filed Tuesday’s column.  But the precipitous decline in the U.S. dollar index that began at 11:35 a.m. GMT in London, changed all that.  From its high at that time, to its 99.43 low tick about four and a half hours later, the index dropped a hair over 100 basis points, before the usual ‘gentle hands’ appeared.

Of course it was obvious from the charts in the precious metals at the start of the drop, that they were in super-rally mode.  But the powers-that-be…as I said at the top of this column…were at full battle stations to prevent them from reaching their true free-market prices — and for the dollar index to find its.

As you can tell, the line between the total melt-down of all fiat currencies — and the melt-up of real money — is very thin, but well-defended…at least for the moment.  At some point it will fail entirely, or ‘da boyz’ will chose to defend it from much higher price levels.  Whichever option it turns out to be, can’t come soon enough for me…or for you, I would assume.

Here are the 6-month charts for all four precious metals, plus copper.  And, as you can see, copper closed at a new high price for this move up yesterday.

And as I type this paragraph, the London open is less than ten minutes away — and I see that gold rallied a few dollars in the first hour of trading once it began at 6:00 p.m. EST last night in New York.  But from there it started to crawl lower, as the dollar index crawled higher.  Right now it’s down $3.10 an ounce.  The silver price followed a mostly similar pattern, but began to turn up a bit starting shortly after 1 p.m. China Standard Time on their Wednesday afternoon.  Silver is down 9 cents currently.  Platinum didn’t do much, except chop mostly sideways in Far East trading — and it’s down 2 dollars at the moment.  Palladium jumped up five bucks or so at 6 p.m. in New York last night — and by 3:00 p.m. CST, the price was down a couple of bucks. But, as Zurich opens, it’s now up 3 bucks.

Net HFT gold volume is sitting at 32,000 contracts — and that number in silver is sitting right at the 6,000 contract mark, which is pretty quiet.

The dollar index has been inching higher ever since trading began at 6 p.m. in New York yesterday evening — and it’s off its current high tick at the moment, but still up 20 basis points as London opens.

With JPMorgan et al out in force to defend the paper currencies against the attempted sharp rises in precious metal prices, it’s a good bet that Friday’s Commitment of Traders Report isn’t going to be as happy looking as I expecting/hoping in both silver and gold.  Volumes were monstrous as they were the obvious short buyers/long sellers of last resort to put out the precious metal fires.  But how bad it’s going to be is unknown — and as Ted points out, when there’s heavy volume on the cut-off date, there’s an excellent chance that all of yesterday’s volume data won’t be reported in a timely manner.

I said in Tuesday’s missive that Ted was going to have his mid-week commentary available early in the afternoon.  But somehow I got a day ahead of myself — and it’s not actually due out until around 3:00 p.m. EST today.

And since Tuesday fell on the last day of the month, there won’t be a Bank Participation Report until next Friday…not this Friday as I stated in yesterday’s column.

And as I post today’s efforts on the website at 4:00 a.m. EST, I note that with dollar index rolling over a bit, all the precious metals are higher as well.  Gold is now up 40 cents at the moment, silver is down 4 cents.  Platinum is back to unchanged — and palladium is up 7 bucks, but was obviously tapped lower in early Zurich trading, as it’s off its high tick by a bit.

Net HFT gold volume is just under 39,000 contracts — and that number in silver is now up to around 7,250 contracts.

The dollar index topped out shortly before the London open — and as I said just above, has rolled over a bit — and as I post today’s column on the website it’s up only 14 basis points.

I made an assumption in yesterday’s column about how the precious metals might close the trading session on Tuesday — and I was wrong in spades.  So I’ll just wait and see this time — and report on whatever happens in tomorrow’s column.

See you then.


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