Another Day — and Another Big Deposit in GLD

09 February 2017 — Thursday


The gold price chopped around a few dollars either side of unchanged in Far East trading on their Wednesday, but when London opened, the price began to move higher.  It really started to sail starting at exactly 9:30 a.m. in New York, but got capped at the London p.m. gold fix, which came shortly before 10 a.m. EST.  By 10:40 a.m…over half of those COMEX gains had vanished — and it crawled quietly higher until precisely 1 p.m.  Then, in the next thirty-odd minutes, another six bucks got peeled of the price.  That was the low tick in New York — and starting a few minutes after the COMEX close, the gold price crawled higher into the end of trading at 5:00 p.m. EST.

The low and high ticks were reported as $1,231.30 and $1,246.60 in the April contract.

Gold was closed in New York on Wednesday at $1,241.00 spot, up $7.60 on the day.  Net volume was monstrous once again at 211,000 contracts.

Here’s the 5-minute gold tick chart from Brad Robertson.  Note the two big volume spikes just before 02:00 Denver time, which was the price pop just before 9 a.m. in London — and then volume began to rise again starting around 05:30 a.m. MST, an hour before the COMEX open.  Except for the odd tick here and there, gold volume never dropped back to background after that.

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.

Silver’s price path in Far East trading on Wednesday was similar in most respects to gold and, like on Tuesday, more ‘volatile’.  But going into the London open, silver was sold down to its low tick of the day.  It rallied sharply from the London open, but was capped a minute or so after 9 a.m. GMT — and spent the next hour and a bit heading lower.  But then a rally developed that got hammered flat at the London p.m. gold fix as well — and it followed the same price path as gold after that, including getting clubbed between 1 p.m. and 1:31 p.m…the COMEX close.  It gained a bunch back in the next forty minutes — and then didn’t do much after that.

The low and high tick in this precious metal was recorded as $17.62 and $17.875 in the March contract.

Silver finished the day at $17.75 spot, up 8 cents from Tuesday.  Net volume was very decent at just under 54,000 contracts — and roll-over/switch volume out of march was very respectable once again.

Here’s the 5-minute silver tick chart courtesy of Brad as well.  There was the odd bit of volume activity in Far East and early London trading…but the volume picked up to stay starting around 4:45 a.m. Denver time, which was 11:45 a.m. in London.  It really began to sail at 06:00 MST…8 a.m. in New York…1 p.m. GMT — and didn’t back off to more or less background until around 12:30 p.m. Denver time…2:30 p.m. in New York.  Note the big volume spike on the engineered price decline going into the COMEX close…11:30 a.m. MST on the chart below.

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 as well.

Like gold and silver, the platinum price was all over the place in Far East trading.  It began to rally at the Zurich open, was sold lower at the London p.m. gold fix — and then again starting just before 1 p.m. in New York.  That last engineered sell-off ended at the 1:30 p.m. COMEX close as well.  It crawled higher from there, finishing close to its high tick of the day.  Platinum finished the Wednesday session at $1,015 spot, up 12 dollars from Tuesday.

Palladium, like the other three precious metals, was more or less forced to follow their approximate price path as well — and it finished at $768 spot, up 6 dollars on the day.

The dollar index closed very late on Tuesday afternoon in New York at 100.40 — and jumped about 12 basis points the moment that trading began a few minutes after at 6:00 p.m. EST, but was down about 10 basis points in mid-morning trading in Shanghai on their Wednesday.  Then shortly after 12 o’clock noon China Standard Time, the index began to chop higher, reaching about the 100.63 mark by the London open.  It hung in there around that mark until about 11:15 a.m. GMT — and began to head lower from there.  The 100.10 low tick was set a minute or so before noon in New York — and it began to head higher shortly before 1 p.m. EST.  That rally, such as it was, ended a few minutes before 2 p.m. — and the index chopped quietly lower into the close from there.  It finished the Wednesday session at 100.17 — and down 23 basis points from its Tuesday close.

It appeared to me to be just another day where the precious metal price action was forced to conform with what the dollar index was doing.

Here’s the 6-month U.S. dollar index for your entertainment.

The gold shares opened up a percent — and rallied quickly to their respective high ticks, which came a minute or so after the London p.m. gold fix was set.  After that, they followed the gold price around like a shadow.  The HUI closed up 1.55 percent.

The silver equities also ran up into the London p.m. gold fix, but then after a brief sell-off, rallied to their respective highs around 11 a.m. in New York.  They began to head south in earnest [along with the silver price] — and that started around 12:15 p.m. EST.  The low tick for the silver stocks came after the engineered price decline ended a minute or so after the COMEX close — and they rallied mostly unsteadily higher for the rest of the Wednesday trading session after that.  Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed up 1.53 percent.  Click to enlarge if necessary.

The CME Daily Delivery Report showed that zero gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Friday.

The CME Preliminary Report for the Wednesday trading session showed that gold open interest in February fell by 62 contracts, leaving 1,387 still open.  Tuesday’s Daily Delivery Report showed that only 3 gold contracts were actually posted for delivery today, so that means that 62-3=59 February contract holders in gold, fled the scene.  Silver o.i. in February rose again, this time by 13 contracts, leaving 179 still around.  Tuesday’s Daily Delivery Report showed that only 1 silver contract was posted for delivery today, so that means that 1+13=14 more silver contracts were added to February.

Another day — and another big deposit into GLD.  This time an authorized participant added 180,980 troy ounces.  That makes it 1,077,280 troy ounces/US$1.31 billion of gold added to GLD in six consecutive deposits since the beginning of February.  That’s a lot of gold, dear reader.

And as of 8:24 p.m. EST yesterday evening, there were no reported changes in SLV.  There hasn’t been a deposit into this ETF since January 27th.  All the activity since that day has been withdrawals.

There was another sales report from the U.S. Mint yesterday.  They sold 9,000 troy ounces of gold eagles — 1,500 one-ounce 24K gold buffaloes — and zero silver eagles.

And I’m still waiting, rather impatiently now I might add, for the Q3/2016 financial report from the Royal Canadian Mint which is now approaching three months overdue.  The RCM’s website says that it will be posted by February 23rd.  In late November they promised it for December 23.

It was another reasonably quiet day in gold over at the COMEX-approved depositories on Monday.  They received only 7,368 troy ounces — and shipped out 8,037 troy ounces.  Except for 94 troy ounces received at Brink’s, Inc…the balance of the ‘in’ activity was at Canada’s Scotiabank.  Of the amount shipped out, there was 8,037.500 troy ounces/250 kilobars [U.K./U.S. kilobar weight] shipped out of Scotiabank — and the other 185 troy ounces came out of Brink’s, Inc.  A link to this smallish activity is here.

It was somewhat similar in silver.  There was one container [621,550 troy ounces] shipped into HSBC USA — and 1,961 troy ounces were shipped out of Delaware.  That was it — and a link to that activity is here.

Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Tuesday, they reported receiving 2,090 kilobars — and shipped out 250 of them.   All of this action was at Brink’s, Inc. of course — and a link to that, in troy ounces, is here.

Here are two more charts courtesy of Nick Laird.  They show the monthly gold and silver imports into Turkey, updated with January’s data.  The Click to Enlarge feature helps with both.

I don’t have all that many stories today — and after an abundance of them on Tuesday and Wednesday, I’m rather happy about that.


David Stockman: Get out of Stocks Now!

David Stockman discusses with Jay Taylor what he believes Trumps role is as a disrupter of existing evil in Washington — and why we should get out of stocks now!

This 24:17 minute audio interview was posted on the Internet site on Wednesday sometime — and it’s definitely worth your time if you have it.  I thank Brad Robertson for pointing it out.

BlackRock CEO Fink sees “dark shadows” in financial markets

BlackRock Chief Executive Larry Fink on Wednesday said the U.S. economy is in the midst of a slowdown and financial markets could see a significant setback, because of uncertainty over global trade and the Trump administration’s plan to cut taxes.

I see a lot of dark shadows,” he said at an event hosted by Yahoo. “The markets are probably ahead of themselves.”  But disruptions to trade are a possibility in the meantime, he said.

U.S. President Donald Trump has called for tax cuts as well as a wide set of changes to trade policy, including a renegotiation of the North American Free Trade Agreement with Canada and Mexico.

We’re living in a bipolar world right now,” Fink said. “In my conversations with CEOs in Europe and CEOs in the United States they may be very bullish about what may come but most business people are not investing today.”

Fink is the latest major figure to call for a dose of caution after Trump’s election touched off a rally in U.S. stocks. Bond investors Jeffrey Gundlach and Bill Gross are among those who have said the same in recent weeks.

This Reuters article, filed from New York, was posted on their Internet site at 10:30 a.m. on Thursday morning EST — and I found it in yesterday’s edition of the King Report.  Another link to it is here.

Disney boss delivers warning to Donald Trump on trade and migration

The head of Disney has warned against a U.S. trade war with China and called for a “fair and just” immigration policy in an apparent broadside against Donald Trump.

Bob Iger’s comments to U.S. broadcaster CNBC put the company behind Mickey Mouse, and owner of the Star Wars franchise, at odds with the White House.

Mr. Iger is a member of the new President’s business advisory council, though he did not attend its first meeting last week, saying it clashed with a Disney board meeting.

Mr. Trump has threatened to levy tariffs of up to 45{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} on Chinese goods – risking a trade war with the world’s second biggest economy, the like of which the IMF has already warned could derail global growth.

This news item put in an appearance on the Internet site at 10:50 a.m. GMT on Wednesday morning, which was 5:50 a.m. in Washington — EST plus 5 hours.  It comes to us courtesy of Swedish reader Patrik Ekdahl — and another link to it is here.

Is The Trump Administration Already Over? — Paul Craig Roberts

Hopes for the Trump administration are not burning brightly. Trump’s military chief, Gen. Mattis, is turning out to be true to his “mad dog” nickname. He has just declared that Iran “is the single biggest state sponsor of terrorism in the world.”

He has declared Russia to be the number one threat to the U.S. — and threatened intervention in China’s territorial affairs.

I was wrong.  I thought Gen. Mattis was a reasonable choice as he rejects the efficacy of torture, and, according to Trump, convinced Trump that “torture doesn’t work.” Apparently Mattis cannot reach beyond this realization to higher geo-political realizations. Trump needs to fire Mattis who has placed the Pentagon in the way of normal relations with Russia.

There is no evidence in the behavior of Iran, Russia, and China to support Gen. Mattis’ views. His definition of threat is the neoconservative one—a country capable of resisting U.S. hegemony. This is a convenient threat for the military/security complex as it justifies an unlimited budget in order to prevail over such “threats.” It is this hegemonic impulse that is the source of terrorism.

If truth can be spoken, there are only two countries in the world with hegemonic aspirations—Israel and the U.S.—and they are the sources of terrorism. Israel terrorizes Palestinians and has done so for about 70 years. The U.S. terrorizes the rest of the world.

This absolute must read commentary by Paul showed up on his website yesterday — and I thank ‘aurora’ for bringing it to our attention.  Another link to is here.

Nigel Farage Delighted After U.K. Parliament Overwhelmingly Votes To Trigger Brexit

In a victory for Prime Minister Theresa May, the UK Parliament’s House of Commons voted overwhelmingly to trigger Britain’s exit from the European Union, defeating attempts by pro-EU lawmakers to attach extra conditions to her plan to start divorce talks by March 31. 494 to 122 lawmakers voted in favor of a law giving EU nationals the automatic right to remain in the UK as the first piece of legislation to authorise Brexit made its way through the Commons, ending days of intense debate which have tested May’s slim parliamentary majority.

The bill must now be approved by the upper chamber, in which May does not have a majority, before it becomes law. As the Financial Times adds, MPs voted on eight clauses and amendments during the course of Wednesday evening. They included “clause 57”, tabled by Labour, requiring the government to guarantee the rights of EU migrants before Article 50 is triggered.

Ed Vaizey, a former Conservative minister, said he would not vote against his own government but called for assurances as soon as possible for EU workers, who were “devastated” after having been “plunged into uncertainty”. Another controversial amendment, tabled by the Lib Dems, called for a second EU referendum before Britain leaves the EU.

The legislation is set to move to the Lords this month for further scrutiny, where there could be fresh amendments.

This Zero Hedge story, taken from the Financial Times, was posted on their website at 3:55 p.m. on Wednesday afternoon EST — and another link to it is here.

Interest-Free Mortgages Come To Denmark. Will Trouble Follow?

You’ve got to envy the Danish. Or, upon closer inspection, maybe not.

Mortgage rates at Denmark’s two largest lenders have fallen below zero, effectively giving homebuyers there interest-free mortgages.

Danske Bank’s mortgage arm, Realkredit, has dropped its mortgage rate to minus-0.07 per cent, while Nykredit’s mortgage rate has dropped to minus-0.08 per cent, Bloomberg reports.

This doesn’t necessarily mean homebuyers will get paid for holding a mortgage, as there are additional fees home buyers have to pay lenders. But some Danish borrowers did get paid to take mortgages last year, in the wake of Brexit, which caused interest rates to dip.

This news item showed up on the website at 4:41 p.m. EST on Tuesday afternoon — and I thank Roy Stephens for bringing it to our attention.  Another link to it is here.

Le Pen Aide Briefed French Central Banker on Plan to Print Money

Presidential candidate Marine Le Pen’s chief economic adviser Bernard Monot met with Bank of France Governor Francois Villeroy de Galhau in September and set out her party’s plans to take control of the central bank and use it to finance government spending.

The meeting took place on the sidelines of Villeroy de Galhau’s public hearing in Brussels at the economic and monetary committee of the European Parliament, Monot, who also sits on the panel, said in a Feb. 4 interview. The Bank of France declined to comment when asked to confirm the meeting.

The central bank has become one of Le Pen’s key targets as she fleshes out her plans for taking control of the French economy and leaving the euro. She intends to revoke the Bank of France’s independence and use it to finance French welfare payments and service the government’s debts after abandoning the European monetary union.

While the National Front leader is ahead in polling for the first ballot on April 23, she’s still an outsider to become the next president because of the two-round system which requires broad-based support to win the run-off two weeks later.

This Bloomberg story showed up on their Internet site at 8:11 a.m. Denver time on Wednesday morning — and it’s the second contribution of the day from Patrik Ekdahl.  Another link to it is here.

How Ukraine Annexed Crimea: A Frank Conversation with Nikki Haley

The speech by the new U.S. permanent representative to the U.N. Security Council, Nikki Haley, at a Security Council meeting on 3 February backed up the idea that the foreign policies of two American administrations – the previous one and the current one – will be continued. Haley said exactly the same as Samantha Power before her: «Our Crimea-related sanctions will remain in place until Russia returns control of the peninsula to Ukraine».

The White House supported Haley’s statement on the need for Crimea to be returned to Ukraine, and the White House Press Secretary, Sean Spicer, stated during a briefing that: «With respect to the sanctions, I think Ambassador Haley made it very clear of our concern with Russia’s occupation of Crimea. I think she spoke very forcefully and clearly on that».

It is interesting that Mrs. Haley was speaking about the territory of Crimea rather than the people. I wonder how this American imagines the «return» of the Crimean Peninsula to Ukraine – with the people or without them? It’s a pity that this question has remained unanswered.

Do the Crimean people regard themselves as Ukrainian? And does Nikki Haley know the answer to this most important question? It is unlikely that the U.S. ambassador to the U.N. wants to move the people out of Crimea so that she can give the peninsula back to Ukraine. Especially as she would have to move not only the living, but also the dead, since the ‘Ukrainian’ history of Crimea is very short, around a quarter of a century. It is surprising that the citizen of a country whose constitution begins with the words «We the people of the United States…» is doing everything to avoid a conversation at the level of «We the people of Crimea…» But everything really does look different from that position.

From the point of view of the people who live on the Crimean Peninsula, Ukraine annexed Crimea in 1991, grossly violating the rules of international law. Crimea became part of independent Ukraine illegally, and repeated attempts by the Crimean people to redress this injustice met with opposition from Kiev.

I was thinking of saving this for Saturday, but because I have so little in the way of stories today, I thought I’d include it in today’s column.  This amazing  background story on Crimea appeared on the Internet site yesterday — and it’s a must read in my opinion.  My thanks go out to Larry Galearis for sharing it with us — and another link to it is here.  And here’s a 26:11 minute video documentary called “Crimea For Dummies” — and it’s a must watch as well, as it’s a complete brain transplant for Westerners like us.  All of this will be in my Saturday column as well.

Lots of shouting, tiny stick — Pepe Escobar

Here we go again. General “Mad Dog” Mattis, the U.S. Secretary of Defense, declares Iran “is the single biggest state sponsor of terrorism in the world.” National Security Advisor General Michael Flynn puts Iran “on notice.” President Trump says “they are not behaving,” and, on his Superbowl interview, doubles down: “They are the No. 1 terrorist state. They’re sending money all over the place – and weapons.  And… [they] can’t do that.” Iran is slapped with new sanctions. It’s as if Dick “Dark Side” Cheney and Donald “known unknowns” Rumsfeld never left.

Never allow facts to get in the way of a bombastic quote. “State sponsor of terrorism” is a neocon meme for any nation/political system that resists U.S. Exceptionalism. The industrial-military-intelligence-security complex feeds on massive budgets to engage these manufactured “threats” while real, on the ground terrorism – yielding from the Salafi-jihadi matrix – has absolutely nothing to do with Iran.

The birth of al-Qaeda was inbuilt in the official Dr. Zbig “Grand Chessboard” Brzezinski doctrine of fighting the former USSR in Afghanistan in the 1980s via a Wahhabi-controlled Jihad Inc. Nothing to do with Iran. Even Trump’s own national security advisor admitted on the record there was a “willful decision” by the Obama administration to let ISIS/ISIL/Daesh fester. Nothing to do with Iran.

As for the Iranian missile test, the U.N. resolution concerning the nuclear deal “called upon” Iran not to test nuclear-capable missiles. This was a conventional missile test, as even the White House admitted.

So what is it all about? We must once again resort to the shadowplay/wayang of a Henry Kissinger-devised new balance-of-power U.S. foreign policy bent on preventing Eurasian integration by prying away Russia from China while antagonizing Iran.

This commentary by Pepe, filed from Hong Kong, was posted on the Asia Times website at 12:22 a.m. China Standard Time on Thursday — and I thank Ellen Hoyt for sending it along.  It’s certainly worth reading if you’re a serious student of the New Great Game — and another link to it is here.

Gold miners burned by bad deals are again rushing to M&A

It’s been a dirty word in the gold-mining industry for the last three years, but now companies can’t stop saying it: growth.

Top executives are on the hunt for mergers and acquisitions, and focusing on exploration as the industry emerges from survival mode. Gold prices have recovered and cost cuts are taking effect, delivering profits for companies that need to remedy a shortage of new discoveries and declining reserves.

The trouble is that they have a bad history when it comes to deal making. In the China-led commodity boom, the entire mining industry spent heavily on deals and big projects that soured when metals prices later collapsed. Companies wrote off close to $100 billion between 2011 and 2016, according to analysts at Investec Ltd.

Gold producers say this time will be different, but the losses generated by a decade of wasteful spending during the bull market to 2011 are still fresh in investors’ memories. While it gained 7.6 percent this year to $1,234.30 an ounce, that’s still much lower than the record of more than $1,900 set five years ago.
All of us have got one issue and that’s we haven’t much exploration in the last 10 years, and all our assets’ lives are getting shorter,” Peter Steenkamp, chief executive officer of Harmony Gold Mining Co., said in an interview at the Mining Indaba conference in Cape Town. “Everybody is looking to replace the ounces that they’re mining.”

This gold-related Bloomberg article was posted on their website at 5:00 p.m. MST on Tuesday afternoon — and was subsequently updated thirteen hours later.  I found it embedded in a GATA release yesterday — and another link to it is here.

Druckenmiller Bought Gold After Reversing November Stance

Stan Druckenmiller, the billionaire investor with one of the best long-term track records in money management, said he bought gold in late December and January, reversing the sale he made after the U.S. presidential election.

I wanted to own some currency and no country wants its currency to strengthen,” Druckenmiller said Tuesday in an interview. “Gold was down a lot, so I bought it.”

So far it’s paid off, as confusion over Trump’s policies helped rekindle haven demand for the precious metal. Gold is also benefiting from speculation that the Fed may be more cautious in raising U.S. interest rates amid concerns that the new administration’s policies could stifle growth. At about $1,234 an ounce as of 9 p.m. New York time on Tuesday, the spot price for gold was up almost 10 percent from its December low.

Uncertainty over whether Trump will back the House Republican tax plan is another reason Druckenmiller bought gold, he said. The Republican leadership has proposed a 20 percent border-adjustment tax on imports as a way to encourage more manufacturing in the U.S. If instituted, that plan could lead to as much as a 25 percent gain for the dollar, according to a report by the Peterson Institute for International Economics.

This is another gold-related Bloomberg story.  This one showed up on their Internet site at 10:01 p.m. Denver time on Tuesday evening — and was updated about forty-five minutes later.  I found it on the Sharps Pixley website yesterday — and another link to it is here.  There was also a news item about this as well.  It’s headlined “Stanley Druckenmiller seems poised to make a killing on gold” — and that comes to us courtesy of Richard Saler.


The Click to Enlarge feature certainly helps on the two photos…


As I mentioned further up, it looked like another day where precious metal prices were forced to follow the action in the U.S. dollar index whether they wanted to or not.

One thing appears certain — and that’s if we do have major decline in the U.S. dollar index, gold et al will certainly take off to the upside unless it runs into the powers-that-be.

Here are the 6-month charts for all four precious metals, plus copper — and I’m still waiting for gold and silver to break above their respective 200-day moving averages at some point.

Ted has been mentioning recently that the Managed Money traders really haven’t been piling onto the long side the way they normally do at this point in the rallies in silver and gold — and he’s expecting them to do just that once their respective 200-day moving averages are finally broken to the upside with some authority.  When that finally does occur, I expect we’ll see a rally of some size in both.

And as I type this paragraph, the London open is less than ten minutes away — and I see that the gold price didn’t do much in Far East trading on their Thursday.  It has been trending a hair lower since around 1 p.m. China Standard Time — and is down $1.40 at the moment.  Silver has been trading a nickel either side of unchanged — and is down that amount currently.  Platinum hasn’t done much — and it’s down a buck.  Palladium is the only precious metal in the green…up 4 dollars.

Net HFT gold volume is sitting at 29,000 contracts, which is on the lighter side, relatively speaking.  Net HFT silver volume is around 5,800 contracts, which is pretty light — and roll-over/switch volume out of March is virtually non-existent.

The dollar index, which closed on Tuesday at 100.17 has — except for a 15 basis point drop between 10:30 and 11:45 a.m. in Shanghai — been trading steadily higher — and is currently up 25 basis points as London opens.

The other thing that I find surprising is just how much gold has gone into GLD since the beginning of February…just over a million ounces so far…with deposits occurring every business day since the beginning of the month.  Since January 30…gold has only rallied $50 or so — and that seems to be an extraordinarily large amount of gold stashed away for such a small movement in the gold price.  Someone has been buying GLD shares with abandon this month.  But it wasn’t Druckenmiller, as the Bloomberg story above where he’s quoted, says he bought his position back in late December/early January.  So it must be other deep pockets that are doing it now — and as I pointed out in the first section of today’s column, those deep pockets have spent $1.3 billion since the first of the month.

And as Ted also pointed out in his weekend column on Saturday, silver is not even up two bits from the beginning of February, so that certainly explains why we haven’t see any deposits in SLV during the same time period.  But nobody other than Ted…and by extension myself…have seen fit to ask why silver has been withdrawn from SLV during the same time period.

And as I post today’s missive on the website at 4:05 a.m. EST, I note that gold began to rally a bit shortly after London opened — and it’s up $1.00 an ounce.  From down 5 cents, silver is back to unchanged.  Platinum is back in the plus column as well — and up 4 bucks.  Palladium is still moving sideways during the first hour of Zurich trading — but is now up a dollar from an hour ago.

Net HFT gold volume is just over 35,000 contracts — and that’s not a big increase from ten minutes before the London open.  Silver’s net HFT volume is sitting at 7,100 contracts — and that’s a very small increase [up 1,300] from an hour ago.

The dollar index took another nose dive starting just minutes before the London open — and is only up 3 basis points currently.

I have no clue as to how the Thursday session will unfold, except that most of the price/volume action that matters will certainly occur during the COMEX trading session as usual.  I still haven’t changed my mind that things do feel different at the moment, but it’s a hard feeling to either quantify or put into words.

I suppose we’ll find out in the fullness of time whether I’m close to the mark on this or not.

See you tomorrow.


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