Another Interesting COMEX Trading Session in Silver and Gold

22 February 2017 — Wednesday


Starting at the open at 6 p.m. on Monday evening, the gold price was sold down until shortly after 11 a.m. China Standard Time on their Tuesday morning.  From that point it began to edge quietly higher until around 8:40 a.m. GMT in London — and was sold down until at, or minutes after, the London morning gold fix at 10:30 a.m. GMT.  It rallied a few dollars from there into the noon silver fix — and once COMEX trading began, JPMorgan et al set the low tick of the day ten minutes after the equity markets opened in New York.  It rallied sharply from there until the London p.m. gold fix, less than twenty minutes later — and then continued to rally quietly until around 12:40 p.m. EST — and was then equally quietly sold off for the rest of the day.

The high and low ticks were recorded by the CME Group as $1,240.20 and $1,226.80 in the April contract.

Gold was closed in New York yesterday at $1,235.40  spot, down $1.60 from Monday.  Net volume [net of Monday’s as well] was around 175,000 contracts.

Here’s the 5-minute gold tick chart courtesy of Brad Robertson — and I offer it with no comments.

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 action was mostly similar, except more ‘volatile’.  For the most part, silver was forced to follow the gold price action mostly tick for tick.  Silver’s low actually came a minute or so before 9 a.m. in New York, but was also sold down at 9:40 a.m. EST, which was gold’s low of the day.  Then, also like gold, it rallied sharply until around the afternoon London gold fix — and crawled higher from there, with its $18.05 high tick coming at 12:40 p.m. EST.  It was was knocked back below $18 spot before the COMEX close — and traded sideways after that.

The low and high ticks in this precious metal were reported as $17.815 and $18.07 in the March contract.

Silver was closed in New York yesterday afternoon at $17.93 spot — and down 9 cents from Monday.  Net volume was only 43,600 contracts.  With month-end approaching, roll-over/switch volume out of March was huge.

Here’s the 5-minute silver tick chart courtesy of Brad — and I offer it with no comments as well.

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 the other two precious metal, platinum was under selling pressure almost from the moment that trading began in New York on Monday evening.  It was down 7 dollars by 11:30 a.m. China Standard Time on their Tuesday morning — and then traded flat until 9:40 CET in Zurich.  It was sold down a bunch more into the morning gold fix, rallied into the COMEX open — and ‘da boyz’ set the $986 low tick just like they did in silver…minutes before 9 a.m. in New York.  It rallied decently until the price got capped at 1 p.m. EST — and traded flat from there into the close.  Platinum finished the Tuesday session at $1,001 spot, down 4 dollars from Monday.

It was mostly the same for palladium, although the real selling didn’t begin until 10 a.m. CET in Zurich/4:00 a.m. EST in New York.  Palladium’s $762 spot low tick came shortly after 11 a.m. in Zurich — and it chopped higher until the end of the thinly-traded after-hours trading session in New York.  It finished the day at $780 spot — and up 9 bucks from Monday.

The dollar index closed very late on Monday afternoon in New York at 100.90 — and began to rally immediately once trading began at 6:00 p.m. EST on Monday evening just a few minutes later.  That rally ended at the 101.22 mark at noon in Shanghai on their Tuesday — and then drifted a bit lower until minutes before 3 p.m. over there.  It began to chop higher at that juncture — and most of the gains that mattered were in by 10:30 a.m. GMT in London, which just happened to be the time of the morning gold fix over there.  It chopped quietly sideways from that point into the open of the equity markets in New York — and after a 40-basis point up/down/up move between then and the London p.m. gold fix — sagged a bit for the remainder of the Tuesday session.  The dollar index closed at 101.44 — up 54 basis points on the day.

And here is the 6-month U.S. dollar index chart which, as you know, I include mostly for entertainment purposes.

The gold stocks opened down about two percent — and hit their respective lows about ten minutes after trading began in New York at 9:30 a.m. EST on Tuesday morning.  They rallied a bunch until about 10:25 a.m.  and then chopped mostly sideways with a slight negative bias for the rest of the day.  The HUI closed lower by 1.03 percent.

The silver equities gapped down a bunch at the open as well, but by 10:25 a.m. they were back at unchanged.  They rallied to their collective highs at silver’s high tick — and when the price was capped and turned lower at that point, the shares followed — and couldn’t quite squeeze a positive close.  Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed down by 0.16 percent.  Click to enlarge if necessary.

The CME Daily Delivery Report showed that 24 gold and 52 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday.  In gold, the only short/issuer that mattered was Canada’s Scotiabank with 15 — and there only two long/stoppers…HSBC USA and JPMorgan…with 14 and 10 contracts for their respective in-house [proprietary] trading accounts.  In silver, the only short/issuer worthy of the name was International F.C. Stone with 50 contracts out of their client account.  Scotiabank, Merrill and Citigroup were the three long/stoppers worth mentioning, with 31, 11 and 8 contracts respectively.  The link to yesterday’s Issuers and Stoppers Report is here.

The CME Preliminary Report for the Tuesday trading session [which includes Monday’s data as well] showed that gold open interest in February dropped by 190 contracts, leaving 759 still open.  Friday’s Daily Delivery Report showed that 146 gold contracts were actually posted for delivery today, so that means that 190-146=24 February gold contracts were closed out.  Silver o.i. in February fell by 140 contracts, leaving 173 still around.  Friday’s Daily Delivery Report showed that only 3 silver contracts were actually posted for delivery today, so that means that 140-3=137 February silver contracts were closed out yesterday.

With the March delivery month for silver now coming up hard, the roll-over/switch activity is becoming heavier with each passing day.  Options expiry is on Thursday, I believe — and all the large traders have to be out of their March futures contracts by the close of COMEX trading on Friday.  The remainder have to be out by the close of COMEX trading on Monday.  First Day Notice is on Tuesday.  Those numbers will be on the CME’s website around 10 p.m. EST on Tuesday evening — and I’ll have them for you in my Wednesday missive.

As of yesterday evening’s Daily Delivery Report, silver open interest in March declined by 16,382 contracts yesterday, leaving 51,329 still open — and it’s a pretty good bet that over 90 percent of the remainder will be long gone by the close of COMEX trading on Tuesday.

There were no reported changes in GLD yesterday but, for the first time since January 23rd, there was a deposit in SLV, as an authorized participant added 568,465 troy ounces.  Since that date, the only other movements in SLV have been two withdrawals…one on Feb 1…and the other on February 2.

There was a sales report from the U.S. Mint on Tuesday.  They sold 3,000 troy ounces of gold eagles — 2,500 one-ounce 24K gold buffaloes — and 155,000 silver eagles.

Today or tomorrow I’m hoping to finally get the 3rd quarter financial statements from the Royal Canadian Mint.  They’re only two months late, minimum…as their complete 2016 financial statements should be out by now as well.

There wasn’t much activity in gold over at the COMEX-approved depositories on the U.S. east coast on Friday.  Only 203 troy ounces were received — and 7,233.975 troy ounces/225 kilobars [SGE kilobar weight] were shipped out of HSBC USA.  I shan’t bother linking this activity.

It was very quiet in silver as well.  Only 2,975 troy ounces were received — and another 146,907 troy ounces were shipped out.  Of the amount shipped out, 145,939 troy ounces came out of Canada’s Scotiabank.  I won’t bother linking this amount, either.

It was somewhat busier over at the COMEX-approved gold kilobar depositories in Hong Kong on their Friday, as they received 1,285 of them, but shipped out only 550.  All of this activity was at Brink’s, Inc. as per usual — and the link to that, in troy ounces, is here.

I don’t have that much in the way of stories, so your editing job today should take little effort.


Hedge Fund Liquidity Plunges to “Danger Zone” For U.S. Stocks

Simply put, the massively overcrowded hedge fund herding into US equities has created a crisis situation. With liquidity levels at record lows, the market will be unable to smoothly absorb any concerted selling pressure from large money managers.

When hedge funds get spooked about something and they all delever, there are going to be small pockets that get disproportionately hurt,” Altshuller said.

Certain stocks are down 20, 40 percent with no apparent reason. Others catch the fear bug and start selling.”

There’s safety in numbers, Bloomberg‘s Lu Wang notes, until a stampede starts. That’s the theory underlying a study of hedge fund holdings by Novus Partners Inc., which sought to calculate how easily the market could absorb concerted selling by large money managers. Using an analysis that turns mainly on how much volume is occurring in stocks favored by professional speculators, Novus says liquidity is at an all-time low.

Their ability to sell in the marketplace is really going to depend on their peers who are trying to sell at the same time,” Stan Altshuller, chief research officer at the analytics firm, said by phone. “It becomes the prisoner’s dilemma.”

This article put in an appearance on the Zero Hedge website at 1:00 p.m. on Tuesday afternoon EST — and another link to it is here.

NASDAQ Now More Overbought Than at 2000 Bubble Peak

Sometimes you just have to laugh…

Minneapolis Fed’s Neel Kashkari said earlier…

we are keeping our eyes open for asset prices to try to look for signs of bubbles” but admitted that it is “very hard to see asset bubbles in advance.”

Indeed it must be…if your salary depends on it.

The S&P 500 has now gone a stunning 50 days without a 1{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} swing…

The S&P 500 Tech Sector has gone a record 14 days without a single loss…

And the NASDAQ 100 index is now at its most overbought since 1992 – most notably more overbought than at the peak of the dotcom bubble in 2000…

This chart-filled Zero Hedge piece was posted on their website at 11:55 a.m. EST yesterday morning — and another link to it is here.

The Next Financial Crisis Might Be in Your Driveway

Lured by low interest rates, low gas prices, and a crop of seductive vehicles that are faster, smarter, and more efficient than ever before, American drivers are increasingly riding in style. Don’t be fooled by the curb appeal, though—those swanky machines are heavily leveraged.

The country’s auto debt hit a record in the fourth quarter of 2016, according to the Federal Reserve Bank of New York, when a rush of year-end car shopping pushed vehicle loans to a dubious peak of $1.16 trillion. The combination of new car smell and new credit woes stretches from Subarus in Maine to Teslas in San Francisco.

It’s an alarming number, big enough to incite talk of a bubble. In fact, the pile of debt would cover the cost of 43.4 million Ford F-150 pickups, one for every eight or so people in the country.

Another way to look at: Every licensed driver in the U.S., on average, owes about $6,100 in car payments.

But the market for cars is a lot different than that for houses. For one, vehicles are a much more fluid asset—they are far easier to repossess and resell. What’s more, car payments tend to be cheaper than mortgages and people tend to use their vehicles a lot, so when it comes time to prioritize bills, the auto loan typically takes precedent over other things.

This interesting Bloomberg article was posted on their Internet site at 10:39 a.m. Denver time on Tuesday morning — and the first person through the door with this story was Brad Robertson.  He came by it via Zero Hedge — and another link to it is here.

Dr. Dave Janda interviews your humble scribe

This interview with Dave took place on Sunday afternoon on all-talk radio WAMM-1600 out of Ann Arbor, Michigan — and it runs for about twenty-five minutes.

City watchdog investigating HSBC over potential financial crime, bank reveals

The City regulator is investigating HSBC over potential breaches of money laundering rules after concerns raised last year by the anti-crime monitor installed in Britain’s biggest bank.

The bank did not disclose the specific concerns raised by the American lawyer Michael Cherkasky, who was appointed as the monitor five years ago. He is reported to have raised concerns about clients with links to terrorism, including Isis.

Chekraksy was appointed after the £1.2bn fine imposed on HSBC in 2012 by the US for poor anti-money laundering controls and is overseeing attempts to improve its defences against financial crime.

The Financial Conduct Authority did not comment but the bank said it was “the subject of an investigation by the FCA into its compliance with UK money laundering regulations and financial crime systems and controls requirements”.

As the bank reported a 62{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} slump in 2016 profits on Tuesday, its chief executive Stuart Gulliver said the bank was unearthing more regulatory problems due to higher-quality internal policing, adding the business had “been able to identify more bad actors in our 37m customer base”. He said it was “quite normal” to uncover such instances in a bank the size of HSBC which operates in 70 countries and has 240,000 staff.

Another criminal organization masquerading as a bank.  This news item shows up on The Guardian‘s website at 5:12 p.m. GMT on their Tuesday afternoon, which was 12:12 p.m. in New York…EST plus 5 hours.  I thank Swedish reader Patrik Ekdahl for bringing it to our attention — and another link to it is here.

Go post-West, young man — Pepe Escobar

The 2017 Munich Security Conference arguably gave the game away right at the outset, via its annual “conversation starter” for the three-day event, a report titled Post-Truth, Post-West, Post-Order?

“Post-truth” is the new normal, as this is The Age of Spin. “Post-order” would in fact mean a remixed, neo-Westphalian order embracing multipolarity, which the unipolar establishment will fight to the death. And “post-West” is meaningless, because there is no crisis of the West. The real problem is a Made in the West confluence of neoliberalism and “humanitarian” imperialism.

It would be fruitless to expect Western political elites to abandon their carefully cultivated denial about the multiple ravages perpetrated all across the developing world in the name of neoliberalism posing as “liberal democracy.”  And it would be fruitless to expect Western political elites to admit the post-9/11 world – configured as a Pentagon-denominated Long War – morphed into a regime change drive in the Middle East that then liberated the gift-that-keeps-on-giving Pandora’s box of Salafi-jihadism.

The best Western political elites could come up with at their huddle that ended February 19 is this pearl of self-pity: “Donald Trump’s comments about NATO being ‘obsolete’ have caused great uncertainty among America’s allies, especially in Central and Eastern Europe. The European Union is under pressure, too, as it has to deal with Brexit, a populist surge, the refugee crisis, a potential return of the euro crisis, jihadist attacks, and a revisionist Russia.

Let no facts interfere with Western toil in this valley of tears. Forget about depicting NATO for what it is – a military axis featuring an all-powerful leader and a bunch of vassals configured as a global Robocop.

This very worthwhile commentary by Pepe certainly falls into the must read category, especially if you’re a serious student of the New Great Game.  I thank Ellen Hoyt for pointing it out — and another link to it is here.

Bannon Breaks With Pence, Delivers Warning to Europe

Two days ago, when describing the two opposing foreign policy tracks emerging within Trump’s administration (which led to disappointment inside Russia, which was hoping for a more aggressive detente between Putin and Trump), we said that “there are two clear axes developing within the Trump administration: a Pence/Mattis/Haley foreign policy and a Trump/Bannon/Miller foreign policy.”

As a reminder, over the weekend first Secretary of Defense Jim Mattis and then Vice President Mike Pence assured participants at the Munich Security Conference that Trump would “hold Russia accountable” and vowed “unwavering support” to both NATO and E.U.

Today, confirming that there is indeed a schism when it comes to the administration’s diplomatic objectives, Reuters writes that in the week before V.P. Mike Pence visited Brussels and pledged America’s “steadfast and enduring” commitment to the European Union, Trump’s chief strategist Steve Bannon met with the German ambassador and delivered a different message. Bannon, according to Reuters’ sources, signaled to Germany’s ambassador to Washington that he viewed the E.U. as a flawed construct and favoured conducting relations with Europe on a bilateral basis.

In other words, Bannon voiced the same concerns made by others about the sustainability of the European experiment, if not in polite company, and was preparing how to address Europe’s “failure” through bilateral trade treaties, the same as the recently “free” U.K. is doing currently with all of its former trading partners.

There was some push back to the Reuters report: a White House official who checked with Bannon in response to a Reuters query confirmed the meeting had taken place but said the account provided to Reuters was inaccurate. “They only spoke for about three minutes and it was just a quick hello,” the official said. The White House said there was no transcript of the conversation. The sources who had been briefed on it described it as polite and stressed there was no evidence Trump was prepared to go beyond his rhetorical attacks on the E.U. – he has repeatedly praised Britain’s decision to leave – and take concrete steps to destabilise the bloc.

This story appeared on the Zero Hedge website at 12:36 p.m. on Tuesday afternoon EST — and another link to it is here.

Philippine minister stands by call to shut mines as review begins

The Philippines’ environment minister said on Monday she stands by her decision to shut more than half the country’s operating mines and bar mining in watershed zones as an inter-agency panel began a review of her actions.

Members of the government’s Mining Industry Coordinating Council will scrutinize the affected mines to ensure due process was followed and consider the impact on jobs and the economy after an outcry by the mining industry in the world’s top nickel ore supplier. The review could take three months.

The council cannot overturn her orders, but its findings could feed into a decision by President Rodrigo Duterte, who has said he will review the planned closures after initially throwing his support behind his environment minister.

My stand on no mining in watersheds is staunch,” Environment and Natural Resources Secretary Regina Lopez told Reuters by phone. “It’s madness to do any kind of extractive industry in areas which are the source of the water supply of the island.

This Reuters article, filed from Manila, was picked up by the Internet site on Monday — and I thank Jerome Cherry for finding it for us.  It’s worth reading — and another link to it is here.

Swiss gold exports fall 19{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} to 120 metric tonnes in January, lowest for ten months

Gold exports from Switzerland totaled 120 mt [metric tonnes] in January, a 19{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} fall from 148 mt a year earlier, Swiss federal customs data showed Tuesday.

The total is the lowest since March 2016 and is down 59{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} from 288 mt in December, when exports jumped to their highest for three years on record Chinese flows.

Exports to China totaled just 17.8 mt in January, down 89{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} from 158 mt in December and 59{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} lower than 43 mt reported a year earlier.

Exports to Hong Kong were also lower, down 14{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} on the year and 44{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} on the month, to 21 mt in January.

Flows to India, the world’s second largest gold consuming country after China, slipped by 37{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} on the year to 26.5 mt. The total was up 29{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} on the month from 21 mt in December.

This news item showed up on the Internet site at 9:52 a.m. GMT on their Tuesday morning, which was 4:52 a.m. in New York.  I found it on the Internet site — and another link to it is here.

Chinese firm said to have used tungsten to manufacture fake gold bars

The Shanghai Gold Exchange today denied a media report that it was connected with a supplier that has allegedly cheated loans with fake gold bars.

A Caijing magazine report on Monday accused Boyuan Mining Co., a metal producer based in Lingshan, Henan Province, which used to produce gold-plated tungsten bars, has caused loss of more than 10 billion yuan (US$1.45 billion) during the past decade through fraud.

The report referred the producer as one of the suppliers of Shanghai Gold Exchange since 2010 due to its expansion on assembly lines of gold production.

Boyuan Mining Co. is not on the list of licensed suppliers,” said an announcement made by the exchange. “Gold ingots, gold bars, and silver ingots traded on the Shanghai Gold Exchange have gone through strict inspections.”

The Caijing report said that Boyuan Mining Co. managed to produce a type of gold-plated tungsten bars weighing five kilograms with 62 percent tungsten and 38 percent gold since 2005. The bullion price surged more than 30 percent in 2007, marking its biggest rise since 1979.

Caijing said the company used those fake gold bars as collateral to obtain loans from several credit unions in both Henan Province and Shaanxi Province. Main suspects were detained by the police in May 2016, the report added.

This gold-related news item put in an appearance on the Internet site yesterday — and I found it in a GATA dispatch.  Another link to it is here.

Russia ups gold reserves by another 31.1 tonnes — Lawrie Williams

After last month’s hiatus when the Russian central bank added no gold into its reserves, it came back again with a vengeance in January 2017.  According to figures released yesterday, the country upped its gold reserves last month by a massive 1 million ounces (31.1 tonnes), bringing its total reserve holding to around 1,645 tonnes.  This keeps Russia in sixth place among global national gold holders, at least as far as reserve figures as submitted to the IMF tell us, still nearly 200 tonnes behind China in fifth place, but closing the gap.

Last year, Russia added a total of just short of 200 tonnes of gold into its reserves while China added around 80 tonnes (with nothing at all added in November and December) with the total at end-2016 standing at 1,842.6 tonnes according to the IMF-reported figure.  At current rates of purchase by both countries, Russian gold reserves could surpass those of China by early to mid 2018.

We also learned some other interesting data about the Russian economy in that the country, despite a U.S.-imposed economic war, supposedly to remain in place until Crimea is returned to Ukraine (which we don’t see happening), is probably in a better technical financial state than the U.S..  Unlike the USA which has trillions of dollars of debt, Russia has one of the lowest debt to GDP ratios in Europe and is bringing it down further.  Yes, U.S. and European economic sanctions are damaging, but they are also mind-focusing and Russia is taking steps to rather more than just survive under the current sanctions regime.  Buying gold and divesting itself of its holdings in U.S. Treasuries is part of its master plan for so doing.

This commentary by Lawrie is definitely worth your while.  It showed up on the Internet site yesterday — and another link to it is here.


This photo of a great blue heron at sunset is courtesy of reader “Zoey”…while she was on vacation.  It was taken this past weekend on one of the barrier islands on the Gulf of Mexico south-west of Tallahassee, Florida.  The click to enlarge feature does not help with this photo.


I’m not sure what, if anything, should be read into yesterday’s price action in gold, as no moving averages were penetrated during the downside price action, nor when the price blasted off to its capped high tick at 1 p.m. in New York.  It was just more paper positioning on the COMEX as far as I could tell.

Silver certainly did take out its 200-day moving average to the downside on Tuesday, albeit briefly.  I’m not sure how much Managed Money short covering occurred, but it probably wasn’t all that much, as net volume was pretty anemic considering the price action.  Of course roll-over volume was very heavy, so that could have masked a lot of things.

Here are the 6-month price charts for all four precious metals, plus copper — and it should be noted that Tuesday’s dojis contain the price action for Monday as well.  The click to enlarge feature helps a bit with the first four charts.

And as I type this paragraph, the London open is less than ten minutes away — and I note that the gold price has been chopping around a few dollars either side of unchanged during the Wednesday trading session in the Far East.  At the moment it’s down $1.30 an ounce.  Silver has traded in a similar fashion — and is currently unchanged from Tuesday’s close.  There’s not much going on with platinum, either…but it has been trading lower since around 1 p.m. China Standard Time — and is down 3 bucks as the Zurich open approaches.  Palladium traded mostly higher in morning trading in Shanghai, but has been trending lower since noon over there — and is down a dollar.

Net HFT gold volume is approaching 28,000 contracts — and that number in silver is a hair over 4,900 contracts.  Roll-over/switch volume out of March is already fairly substantial.

The dollar index began to head lower as soon as the market opened at 6:00 p.m. EST on Tuesday evening in New York.  The current 101.26 low tick came shortly before 10 a.m. CST in Shanghai — and began to inch higher until shortly after 2 p.m. on their Wednesday afternoon.  It began to rally with some authority at that juncture — and is up 12 basis points at the 101.56 mark.

Now that the Tuesday cut-off for this Friday’s Commitment of Traders Report is behind us, I said in yesterday’s column that I would take a stab at what this report might contain.  Just scanning the gold and silver charts above, I’d guess that we’ll see a bit of an increase in the commercial net short positions in both gold and silver.  But after the price action yesterday, it may not be as bad as I had feared late last week.

However, knowing how badly that I [and Ted] have missed on previous COT Reports, I provide the above ‘guess’ for entertainment purposes only, just as I did in this space a week ago.

And as I post today’s commentary on the website at 4:03 a.m. EST, I see that the gold price didn’t do much until about forty-five minutes into the London session — and is up 80 cents the ounce currently.  The same can be said of silver — and it’s now up 3 cents.  Platinum is down only a buck — and palladium has rallied back to unchanged.

Net HFT gold volume is now north of 34,000 contracts — and that number in silver is a hair over 6,000 contracts — and roll-over/switch volume out of March continues to climb.

The dollar index made it up to the 101.62 mark around 8:30 a.m. GMT in London — and is off its current high by a bit — and up 11 basis points from Tuesday’s close in New York.

As I said yesterday, with the COMEX futures market configured the way it is, I’m not prepared to stick my neck out trying to forecast what the prices will be in either gold or silver going forward.

But nothing will surprise me — and it shouldn’t surprise you, either.

See you tomorrow.


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