China Imports 111 Tonnes of Gold Through Hong Kong in March

26 April 2017 — Wednesday


The gold price traded flat during the first hour when it began at 6:00 p.m. EDT on Monday evening in New York — and rallied a bit in the second hour, but that was all the good news there was.  At that juncture, ‘da boyz’ began with their high-frequency trading and their algos — and it was all down hill until shortly after the equity markets opened in New York on Tuesday morning.  There was a bit of a reprieve until noon — and they finished the job starting at that point, with the low tick of the day coming about twenty minutes later.  The price rallied weakly into the COMEX close — and then didn’t do much after that.

The high and low ticks were reported as $1,279.90 and $1,262.80 in the June contract.

Gold was closed in New York yesterday at $1,264.00 spot, down an even 12 dollars from its close on Monday.  They set a new low close for this move down in the process as well, but the 200 and 50-day moving averages have yet to be violated.  Net volume was pretty heavy at 231,000 contracts, but not as heavy as Monday’s volume.

And here’s the 5-minute tick chart courtesy of Brad Robertson — and except for the very quiet trading activity in the late morning and early afternoon in the Far East on their Tuesday, there wasn’t much in the way of background volume yesterday.  Of course all the volume that really mattered was in New York.

The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and noon China Standard Time [CST] the following day in Shanghai—and don’t forget to add two hours for EDT.  The ‘click to enlarge‘ feature is a must.

Silver’s two attempts to break above the $18 spot mark in the early going on Monday evening in New York were both turned back — and JP Morgan et al went to work shortly after 1 p.m. China Standard Time.  Once the noon silver fix in London was dispensed with, they really got serious — and they manhandled the silver price in the same manner that they did for gold for the remainder of the Tuesday session.

The high and low ticks were reported by the CME Group as $17.975 and $17.525 in the May contract.

Silver finished the day at $17.57 spot, down another 36 cents.  ‘Da boyz’ set both a new intraday low, plus a new low close for silver for this move down.  Although gross volume and roll-over/switch volume were over the moon, net volume was only average at a hair under 39,000 contracts.

Here’s the 5-minute tick chart for silver…courtesy of Brad as well.  There were a few higher-volume moments in Far East and London trading but, like gold, about 95 percent of the volume that mattered occurred in New York.  Shortly after the 11:30 a.m. Denver time COMEX close, volume dropped off to next to nothing.

The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and noon China Standard Time [CST] the following day in Shanghai—and don’t forget to add two hours for EDT.  The ‘click to enlarge‘ feature is a must here as well.

Platinum was up about 4 dollars by shortly before 9 a.m. CST on their Tuesday morning — and it chopped quietly lower until its low tick was set a few minutes after 12 o’clock noon in New York.  Then, like silver and gold, it rallied a bit into the COMEX close — and did nothing in the thinly-traded after-hours market.  Platinum was closed at $953 spot — and down another 6 dollars.

Palladium chopped around unchanged during morning trading in the Far East, but rose to up 3 dollars by around 1 p.m. China Standard Time on their Tuesday afternoon.  Then, like in silver and platinum, the powers-that-be appeared — and by around 10:40 a.m. in Zurich, had hammered palladium down to its $787 low tick.  It chopped higher from there, hitting the $800 spot mark at noon in New York.  It was sold down a few dollars from there — and traded mostly sideways for the remainder of the Tuesday session.  Palladium was closed at $799 spot, up 4 bucks on the day.

The dollar index closed very late on Monday afternoon in New York at 99.04 — and once trading began in the early evening on Monday, it rallied up to around the 99.22 mark by around 9:30 a.m. CST.  That was its high of the day.  From there it began to head lower, with 98.695 low tick coming a minute or so after 1 p.m. in New York.  It chopped unevenly higher from that point — and finished the Tuesday session at 98.84 — down 20 basis points from its Monday close.

And, for the second day in a row, the fact that the dollar index traded down on the day, wasn’t allowed to manifest itself in precious metal prices.

Here’s the 6-month U.S. dollar index chart — and after its [and the precious metal] price performance, you can see why I post this chart for “entertainment purposes only”.  And unless your a technical analyst, the fact that it closed below its 50-day moving average yesterday, means absolutely nothing.

The gold stocks gapped down a bit — and then kept right on going.  Most of the losses that mattered were incurred shortly before 11 a.m. EDT — and except for the low tick around 12:20 p.m. — traded mostly sideways after that.  The HUI closed lower by a chunky 4.73 percent  — and I would guess that it was fund selling that was responsible for most of that decline.

It was exactly the same trading pattern for the silver equities — and Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed lower by 4.16 percent.  Click to enlarge if necessary.

The CME Daily Delivery Report showed that 43 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Thursday.  The biggest short/issuer was HSBC USA with 38 contracts out of its client account — and it’s been almost forever since I’ve seen HSBC USA’s client account show up in this report.  The two largest long/stoppers were JP Morgan with 19 for its client account, plus Goldman Sachs stopping 18 contracts for its own account.  The link to yesterday’s Issuers and Stoppers Report is here.

The CME Preliminary Report for the Tuesday trading session showed that gold open interest in April fell by a whopping 411 contracts, leaving just 142 left open, minus the 43 mentioned in the previous paragraph.  Monday’s Daily Delivery Report showed that only 38 gold contracts were actually posted for delivery today, so that means that a chunky 411-38=373 gold contracts disappeared from April without either making or taking delivery.  The long/stoppers have to be letting the short/issuers off the hook in these instances, because I can’t imagine it being the other way around this close to the end of the delivery cycle.  Another surprise was that silver o.i. in April actually increased by 25 contracts, leaving 36 still open.  Monday’s Daily Delivery Report showed that zero silver contracts were actually posted for delivery today.

With only two delivery days left in April after today, it’s a strange way to end an even stranger delivery month — and I’m wondering out loud once again as to what the May delivery month in silver may bring.

Not surprisingly, there was a fairly chunky withdrawal from GLD yesterday, as an authorized participant took out 190,3457 troy ounces.  But it was exactly the opposite over at SLV, as an a.p. added 1,987,856 troy ounces.  It’s a reasonable assumption that this deposit was made to cover an existing short position.

The folks over at updated their website yesterday evening with the short positions in both SLV and GLD as of the close of trading on April 14 — and here’s what they had to say.  The short position in GLD increased from 835,370 troy ounces, up to 1,055,520 troy ounces — an increase of 26.4 percent for the two week reporting period since the end of March.  There was a pretty hefty increase in the short position in SLV as well, as it rose from 12.47 million shares/troy ounces, up to 15.13 million shares/troy ounces…which works out to an increase of 21.3 percent.

The silver added to SLV yesterday isn’t included in the above statistics.  That number won’t show up until the next report, which is about two weeks away.

The folks over at Switzerland’s Zürcher Kantonalbank updated their website with the weekly goings-on inside their gold and silver ETFs as of the close of business on Friday, April 21 — and this is what they had to report.  Their gold ETF declined by 13,474 troy ounces — and their silver ETF dropped by a chunky 606,363 troy ounces.

There was no sales report from the U.S. Mint yesterday.

There wasn’t much activity in gold over at the COMEX-approved depositories on the U.S. east coast on Monday.  There was 2,400 troy ounces reported received at Brink’s, Inc. — and nothing was shipped out.  I shan’t bother linking this amount.

The eye-watering in/out activity in silver continued unabated, however…as 1,802,323 troy ounces were received — and 420,453 troy ounces were shipped out.  Another container load…603,296 troy ounces…disappeared into JP Morgan — and two containers…1,199,026 troy ounces…were dropped off at CNT.  All the ‘out’ activity was from HSBC USA.  There were also two category transfers yesterday, as 1,325,003 troy ounces were transferred from the Registered category and back into Eligible.  Of that amount, there was 1,199,026 troy ounces transferred over at the CNT Depository — and the remainder was at Delaware.

Ted was rather surprised by this, as he figured that the transfers should be in the other direction in preparation for the fast-approaching May delivery month.  Those events may occur in the days ahead, but it obviously wasn’t on Monday.  The link to all of the above silver action is here.

By the way, JP Morgan’s COMEX silver stash is now up to 104.4 million troy ounces.

There was a reasonable amount of activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Monday.  They reported receiving 3,527 of them, plus they shipped out another 4,167.  All of that activity was at Brink’s, Inc. — and the link to that, in troy ounces, is here.

I have very few stories for you today, but the item with the embedded interview runs for about an hour, so I hope you have the time for it, as it’s very much worth your while.


Einhorn’s Greenlight Warns of Bubble With Tax Reform Prospects Fading

Stock market valuations have become divorced from reality as the likelihood of tax policy changes to drive company earnings has slipped, according to David Einhorn’s Greenlight Capital.

The bulls explain that traditional valuation metrics no longer apply to certain stocks,” the New York-based firm wrote in a letter to clients Tuesday that was seen by Bloomberg News. “Perhaps as the prospects for tax reform have dimmed, the market has regained enthusiasm for profitless companies that aren’t at risk of paying taxes.”

Einhorn has warned previously of inflated equity prices caused by central bank easing but the firm said earlier this year that tax reforms pushed by President Donald Trump could be a boon for economic growth and favorably affect some positions. The latest letter revived the more cynical outlook.

The firm’s hedge funds rose 1.3 percent in the first quarter, Greenlight said in the letter, lagging a 6.1 percent gain in the S&P 500 Index, including reinvested dividends. Short bets, particularly against Tesla Inc. and a group of technology stocks that Einhorn has described as the “bubble basket,” detracted from profits generated by wagers on Apple Inc., Chemours Co. and gold.

This Bloomberg story, that I found on Doug Noland’s website, was posted on their Internet site at 10:36 a.m. Denver time on Tuesday morning — and was updated about ninety minutes later.  Another link to it is here.

Throwing in the Towel” – U.S. Stock Market Shorts Hit 10-Year Low

It appears the bears have almost fully “thrown in the towel” as short interest in the U.S. equity market’s most liquid ETF has tumbled to its lowest since May 2007.

In fact, the last time shorts were this dis-spirited was just as the S&P 500 began its rounded top and free-fall from a previously “permanently high plateau.”

Along with the collapse in VIX (as hedges are unwound), one might wonder where the ammunition for the next short-squeeze leg higher will come from?

This tiny 1-chart Zero Hedge article appeared on their website at 5:35 p.m. on Tuesday afternoon EDT — and I thank Brad Robertson for sending it our way.  Another link to it is here — and the chart is certainly worth a look.

The United States of…False Flags — Finian Cunningham

The United States government is the world leader in purveying false flags and propaganda stunts. Or, more generally, downright, systematic lies. To justify the outrageous violation of international law, wars and aggression.

Current president and Commander-in-Chief, Donald Trump, is himself the object of fraudulent U.S. intelligence, accused of “collusion with Russian agents.” In a rare admission, the Washington Times this week described the U.S. intel dossier against Trump as “riddled with fiction.”

Yet, ironically, Trump, in turn, serves as a shameless conduit for U.S. propaganda to fuel conflict with Syria and North Korea.

In the latter case, a world war could break out at any moment as a result of insane American goading. The dispatch of a U.S. nuclear-powered submarine to the Korean Peninsula this week is just another reckless provocation by Trump.

He left out 9/11…but that’s OK.  This commentary by Finian is certainly worth reading if you have the interest.  It showed up on the Internet site at 5:50 p.m. Moscow time on their Tuesday afternoon, which was 10:50 a.m. in Washington — EDT plus 7 hours.  I thank U.K. reader Tariq Khan for pointing it out — and another link to it is here.

G. Edward Griffin: Exposing the Federal Reserve

G. Edward Griffin, the author of the seminal book on the formation of the Federal Reserve…The Creature of Jekyll Island: A Second Look at the Federal Reserve, joins the podcast this week to add his perspective to our ongoing critical examination of the Fed and the impact its actions are having on society.

Meeting Ed and getting to spend time with him was a real honor for Chris and me. His breadth of knowledge of the central banking system as well as his engaging manner of storytelling are masterful. Plus, he’s simply a wonderfully kind person.

Ed’s decades of research and critique of the Federal Reserve, sadly, have left him with conclusions that corroborate our own. Despite its carefully-crafted image as an essential public servant, Griffin concludes it is anything but.  It is a private cartel that has connived its way to tremendous advantage and power, secretly (and not-so-secretly) plundering the American people of their treasure and freedoms.

This audio interview conducted by Chris Martenson was done back on April 4 — and it showed up on Mike Maloney’s website on Monday.  I was going to save it for Saturday, but it’s such a slow news day, I thought I’d include it in today’s column.  I will post it in Saturday’s as well, in case you don’t have the time for it just now.  I thank Jim Gullo for sending it our way — and another link to the audio interview is here.  It’s definitely worth your while if you have it.

Tony Blair plot to oust Brexiteer MPs unravels as Tory backers quit pro-E.U. group in protest

A plot by a pro-E.U. campaign group to oust 20 hard Brexit MPs has started to unravel after prominent Tory backers quit in disgust.

Nicky Morgan, Anna Soubry, Dominic Grieve, Alistair Burt and Neil Carmichael cut their ties with Open Britain after it drew up an “attack list” of mainly Tory MPs including Iain Duncan Smith.

The Telegraph understands that Conservative whips contacted the “remoaner” MPs after reports of the Open Britain hit list were published on Monday night.

Open Britain, which is backed by Tony Blair and Lord Mandelson and run by Labour and Liberal Democrat supporters, announced its plans to use 600,000 supporters to campaign against 20 Brexiteer MPs and support 20 Europhile MPs in the general election in the hope of affecting the make-up of the next Parliament.

Of the 20 MPs on the “attack list”, 18 are Conservative, while just one MP on its support list is a Tory.

Former education secretary Ms Morgan said: “As long standing Conservative party members and MPs it is untenable for us to play any further role in an organisation such as Open Britain, which is advocating campaigning against Conservative MPs or candidates.  I and we will not be doing so.

This news item showed up on the Internet site at 1:38 p.m. EDT on Tuesday — and I thank Roy Stephens for sharing it with us.  Another link to it is here.

Emmanuel Clinton vs. Marine Le Trump — Pepe Escobar

Here’s the body count in the latest geopolitical earthquake afflicting the West: The Socialist Party in France is dead. The traditional Right is comatose. What used to be the Extreme Left is alive, and still kicking.

Yet what’s supposed to be the shock of the new is not exactly a shock. The more things veer towards change (we can believe in), the more they stay the same. Enter the new normal: the recycled “system” – as in Emmanuel Macron — versus “the people” — as in the National Front’s Marine Le Pen, battling for the French presidency on May 7.

Although that was the expected outcome, it’s still significant. Le Pen, re-christened “Marine”, reached the second round of voting despite a mediocre campaign.

She essentially reassembled — but did not expand — her voting base. I have argued on Asia Times that Macron is nothing but an artificial product, a meticulously packaged hologram designed to sell an illusion.

Only the terminally naïve may believe Macron incarnates change when he’s the candidate of the EU, NATO, the financial markets, the Clinton-Obama machine, the French establishment, assorted business oligarchs and the top six French media groups.

This commentary by Pepe, which was obviously written before Le Pen stepped down as leader, was posted on the Asia Times website at 9:54 p.m. Hong Kong time on their Monday evening — and I thank ‘aurora’ for passing it around.  Another link to it is here.

The Armenian Genocide: 102 years later

The 24th of April marks the 102nd anniversary of the Armenian Genocide, the first modern ethnic cleansing in history.

The roots of the Genocide of Armenians in the Ottoman Empire can be traced back to the Tanzimât reforms in 19th century Ottoman Turkey.

Things were beginning to slide into an even more perilous situation after the so-called Ottoman Coup of 1913. From this time until the end of the First World War, the Ottoman Empire became effectively ruled by a triumvirate of military tyrants known as The Three Pashas.

Mehmed Talaat Pasha, Ismail Enver Pasha and Ahmed Djemal Pasha ruled war-time Ottoman Turkey with an iron fist. The Sultan’s putative power became increasingly one of mere symbolism during this time.

In 1915, on the 24th of April, prominent Armenians, particularly scholars, were rounded up and arrested in Anatolia. This escalated into the wholesale slaughter of young, able bodied Armenian men which was in turn followed by protracted death marches of Armenian children, women and the elderly.

Those who survived the death marches through the deserts ended up in Syria, where local Arabs (both Christians and Muslims) gave what aid they could, to the dying Armenians.  Over one and a half million Armenians died during the systematic genocide.

If you’ve heard of this event, here’s a chance to spend a few minutes to learn more about it.  I was saving this commentary for Saturday as well, but here it is now.  This rather short article showed up on the Internet site last Saturday — and it’s another offering from Roy Stephens.  Another link to it is here.

As North Korea Speeds Its Nuclear Program, U.S. Fears Time Will Run Out

Behind the Trump administration’s sudden urgency in dealing with the North Korean nuclear crisis lies a stark calculus: a growing body of expert studies and classified intelligence reports that conclude the country is capable of producing a nuclear bomb every six or seven weeks.

That acceleration in pace — impossible to verify until experts get beyond the limited access to North Korean facilities that ended years ago — explains why President Trump and his aides fear they are running out of time. For years, American presidents decided that each incremental improvement in the North’s program — another nuclear test, a new variant of a missile — was worrisome, but not worth a confrontation that could spill into open conflict.

Now those step-by-step advances have resulted in North Korean warheads that in a few years could reach Seattle. “They’ve learned a lot,” said Siegfried S. Hecker, a Stanford professor who directed the Los Alamos weapons laboratory in New Mexico, the birthplace of the atomic bomb, from 1986 to 1997, and whom the North Koreans have let into their facilities seven times.

North Korea is now threatening another nuclear test, which would be its sixth in 11 years. The last three tests — the most recent was in September — generated Hiroshima-size explosions. It is unclear how Mr. Trump would react to a test, but he told representatives of the United Nations Security Council at the White House on Monday that they should be prepared to pass far more restrictive sanctions, which American officials say should include cutting off energy supplies.

The New York Times doing what it does best, beating war drums and stretching the truth by a mile or two.  But the Deep State has a timetable — and  the NYT is their propaganda portal of choice.  This story put in an appearance on their website on Monday — and I found it in yesterday’s edition of the King Report.  Another link to it is here, but I’d take a lot of if with a big grain of salt if I were you.  Here’s a story about North Korea that showed up on the ZH website at 5:41 p.m. EDT.  It’s headlined “U.S. Military Begins Moving THAAD Anti-Missile System Into South Korea Deployment Site

Elemental Metals Refining — and the lawsuits start

A few hours ago, a glass company that uses silver in coating glass products filed a lawsuit against Elemetal Refining, over about $650K of metal they claim that Elemetal refuses to return to them.

In the arrangement they had with Elemetal Refining, the glass company would use pure silver as part of the process to coat glass, and then send Elemetal the impure silver that resulted for refining. Elemetal would refine it, the glass company would sell part of the silver to cover Elemetal’s fees, and Elemetal would return pure silver.

The glass company states that the silver was always their property, and the only time the title would transfer to Elemetal is when the glass company sold Elemetal some of the silver to cover the fees (in fact, exhibits include a trade confirmation showing the metal to cover fees being sold to Elemetal — something that likely could not be done if the glass company was not the owner of the metal). The glass company alleges that Elemetal has refused to return the metal.

This is different than the refining that I believe Elemetal Refining normally does, where someone sells them scrap silver/gold for cash. In that case, the title transfers to Elemetal (the question being when; Elemetal stated that they believe it is on delivery to Elemetal). However, in this case, in theory, the glass company should be receiving exactly what it sent (minus impurities, and some extra silver to pay for refining). That does suggest that the title would not transfer. On the other hand, it was based on an oral contract (the standard Elemetal Refining contract seems to apply to Elemetal paying for the metal to be refined, not returning pure metal). And the exhibits show that Elemetal refers to the glass company’s metal being “credited to pool account to be returned” (suggesting it would be Elemetal’s metal).

Joshua Gibbons posted this on his website on Monday.  The lawsuit is 1:17-cv-00275-MRB in the Southern District of Ohio, Eastern Division — and another link to this story is here.

China’s net-gold imports via Hong Kong more than doubles in March

China’s net-gold imports via main conduit Hong Kong more than doubled month-on-month in March, data showed on Tuesday.

Net-gold imports by the world’s top gold consumer through the port of Hong Kong rose to 111.647 tonnes in March from 47.931 tonnes in February, according to data emailed to Reuters by the Hong Kong Census and Statistics Department.

China’s net-gold imports rose to its best since May 2016.

Total gold imports rose to 116.68 tonnes in March from 49.026 tonnes in February.

Both total and net imports in March rose for a second straight month.

That’s a lot of gold, dear reader!  This Reuters article was posted on the Sharps Pixley website at 5:58 a.m. EDT on Tuesday morning — and I found it embedded in a GATA dispatch.  Another link to it is here.


Here are two close up head shots of a humpback whale — and certainly closer than I’d like to be.  Just looking at the photos gives me the horrors, especially the second one.  Click to enlarge.


These days, virtually no one is willing to call out global central bankers on their notion that there is basically no limit to measures to be employed to achieve 2{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} CPI bogeys. Zero rates, negative rates, Trillions of monetization, acquire equities and corporate debt, market yield manipulation, etc. Risk be damned. Everyone is content to disregard that central banks have inflated epic Bubbles almost everywhere across virtually all asset classes – and they’re trapped.Doug Noland, Credit Bubble Bulletin, 21 April 2017

As Ted said on the phone yesterday, a more blatant and in-your-face price take-down would be hard to imagine, as ‘da boyz’ stomped around in the precious metals in the COMEX futures market.

The only good thing about all this is the fact that virtually all of Tuesday’s price/volume activity should make it into this Friday’s Commitment of Traders Report.  If you check the 6-month silver chart below, you’ll note that not only did JP Morgan et al close silver lower, or set a new intraday low ever trading day of the reporting week, they also blew through both its 200 and 50-day moving averages in the process…closing silver below its critical 50-day moving average for the third day in a row on Tuesday.

Without doubt the technical funds in the Managed Money category were selling long contracts  by the truck load [and maybe going short as well] all the way down.  Ted’s hope, as it is mine, is that the long contract holders that remain in the Managed Money category, are the non-technical fund longs that have most likely/hopefully added to their positions during this current engineered price decline.

Ted pointed out — and as I’ve written about in my two columns so far this week — is that net volumes in silver have been pretty low considering the technical [chart] damage done during the last five trading days.  We’re not sure if that’s a good thing, or a bad thing…or if there are more Managed Money longs left to liquidate.  If there are, we’re going a lot lower in price.  And if not, well, things could get interesting.  Friday’s COT Report will tell us a lot.

And here are the 6-month charts for all four precious metals, plus copper, once again.  The silver chart is self-explanatory, but the jury is still out on gold — and it’s a pretty juicy target with its respective 200 and 50-day moving averages packed together, just like they are in silver.  “Will ‘da boyz’ go after them?” is the $64,000 question at the moment — and what will happen to the silver price if/when they do?  Click to enlarge.

And as I type this paragraph, the London open is less than ten minutes away — and I see that the gold price hasn’t been doing much, but has softened a bit in after trading in the Far East on their Wednesday afternoon.  It’s down $1.00 an ounce at the moment.  Silver has been trading sideways, to up a few pennies, but has turned lower in the last few minutes — and is now down 2 cents.  Platinum is down two dollars — and palladium is up a buck as the Zurich open approaches.

Net HFT volume is already pretty healthy at 34,000 contracts — and that number in silver is very light at just 3,600 contracts, with huge switch volume out of May into future months…mostly July.

The dollar index began to edge lower shortly after trading began in New York on Tuesday evening — and was down about 11 basis points by shortly after 2 p.m. China Standard Time.  It’s now in rally mode, at least for the moment — and is up 3 basis points as London open.

Today is the last day for the large traders in the COMEX futures market to roll or sell their May contracts, unless they’re standing for delivery, so I expect big volume in silver again today.  And as I said in Tuesday’s column, the rest of the traders have have to be out by the close of COMEX tomorrow.

As I stated above, the cut-off for this Friday’s COT Report was at the close of COMEX trading yesterday — and I await that report with great interest, as I do the First Day Notice numbers for silver that will be posted on the CME’s website late on Thursday evening.

And as I post today’s column on the website at 4:05 a.m. EDT, I note that gold hasn’t done much in the first hour of trading now that London is open — but is now up 60 cents at the moment.  I note that JP Morgan et al have set a new intraday low for silver once again.  It’s off that low by a bit — and down 2 cents the ounce.  Platinum is down a dollar — and palladium is up the same amount.

Net HFT gold volume is a bit over 40,000 contracts — and that number in silver is barely over 4,200 contracts, with monstrous roll-over/switch volume — and that activity will pick up even more as the Wednesday session progresses…particularly in New York.

The dollar index continues to crawl higher — and is currently up 13 basis points.

After the first two days of trading this week, I’m open for any eventuality…not only for the rest of today’s trading session…but also for the rest of the week.

See here tomorrow.



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