Another Day of Monstrous Volumes in Both Gold and Silver

19 May 2017 — Friday


The gold price chopped more or less sideways right up until 2 p.m. China Standard Time on their Thursday afternoon — and then was sold down a bit in the hour leading up to the London open.  Minutes after that event, it began to rally — and the high tick of the day came at the noon silver fix.  It was mostly down hill from there until minutes after 2p.m. EDT in the after-hours trading session in New York.  And, as usual, the gains in the tiny rally that followed, were all taken away by the 5:00 p.m. close.

The high and low ticks were reported as $1,265.00 and $1,246.20 in the June contract.

Gold was closed in New York yesterday afternoon at $1,246.80 spot, down $14.10 from Wednesday — and at, or just below, its 50 and 200-day moving averages, which are about a dollar apart at the moment.  Net volume was over the moon again at just over 329,000 contracts — and only about 6,000 contracts less than Wednesday’s net volume.

Here’s the 5-minute gold tick chart courtesy of Brad Robertson.  There was bit more than background volume in early morning trading in the Far East on their Thursday.  Then volume picked up to stay shortly after midnight [5/18] in Denver, which was 2 p.m. in Shanghai — and really didn’t drop off to background for the remainder of the Thursday session.

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.

The silver price didn’t do much until minutes after 12 o’clock noon CST on their Thursday — and at that juncture, “da boyz” went to work — and had it down a bit over twenty cents by shortly after the London open.  From that point it rallied, with resistance, until around 10:45 a.m. BST — and it was forced to chop lower until JPMorgan et al really pulled the plug minutes after the London p.m. gold fix.  At its spike low tick minutes later, it was down over 50 cents on the day.  The silver price came charging back after that, but was capped at noon in New York — and from there it was sold unsteadily lower right into the 5:00 p.m. EDT close of trading.

The high and low ticks in this precious metal were recorded by the CME Group as $16.945 and $16.43 in the July contract.

Silver finished the Thursday session at $16.555 spot, down 30.5 cents on the day.  Net volume was monstrous once again at 99,500 contracts — and also 6,000 contracts less than Wednesday’s net volume.  Once again there were no moving averages of consequence broken during yesterday’s incredible set of engineered price declines, so what this high volume was all about is a mystery, as was Wednesday’s high volume.

Here’s the 5-minute silver tick charts courtesy of Brad as well.  The really big volume spikes almost always came on the engineered waterfall price declines — and not what was happening between them.  Volume dropped off to background around 12:30 p.m. Denver time, which was 2:30 p.m. in New York.

Like the 5-minute gold chart, 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.

After spiking up a few dollars, like gold and silver in the first hour of trading once New York opened for business at 6:00 p.m. EDT on Wednesday evening, the platinum price came under choppy, but steady selling pressure all through Far East and morning trading in Zurich.  There was a bit of a rally at the COMEX open, but that was summarily dealt with — and the spike low tick was printed around 10:20 a.m. in New York.  It chopped higher until 1 p.m. EDT — but most of those gains vanished by the 5:00 p.m. close.  Platinum finished the Thursday session at $931 spot, down 13 dollars on the day.

The attack on palladium continued without a break.  It was down five bucks or so by 10 a.m. in Shanghai, but gained all of that back by their lunch hour.  From there it traded flat until a few minutes before the Zurich open — and then down it went.  ‘Da boyz’ set the low tick around 8:40 a.m. in New York and, like in platinum, all the gains from the subsequent rally were gone by the 5:00 p.m. close.  Palladium finished the Thursday session at $760 spot, down an even 20 bucks from Wednesday’s close.

The dollar index closed very late on Wednesday afternoon in New York at 97.39 — and began to chop quietly higher until shortly after 2 p.m. China Standard Time on their Thursday afternoon.  The index then traded sideways in a about a ten basis point range until a ramp job of some size was commenced starting at exactly 2:00 p.m. EDT in New York.  At exactly 3:00 p.m. the ramp job was done, as it took out the 98.00 mark to the upside — and it began to fade from there.  It dropped down to just below the 97.80 mark a minute or so before 4 p.m. — and then was ‘saved’ again.  It rallied quietly for the rest of the Thursday session.  The dollar index finished the day at 97.90 — up 51 basis points from Wednesday’s close.  Without those ‘gentle hands’…the dollar index would have been extremely lucky to have closed in positive territory, as it was heading for the nether reaches of earth, until they showed up at precisely 12:00 o’clock noon EDT.

The interference in the currency markets yesterday afternoon in New York was so obvious that even Stevie Wonder could have seen it — and yes, I know that phrase is getting a little stale…but it’s still very apropos.

With yesterday’s dollar index action being another case in point, I hereby present the 6-month U.S. dollar index chart for your entertainment only.

There are no market anymore, only interventions” — Chris Powell, GATA

The gold stocks gapped down at the open, with the respective low ticks coming at the London p.m. gold fix, which was 10 a.m. EDT in New York.  They rallied until the gold price was rolled over by the powers-that-be at noon in New York — and they traded mostly lower for the rest of the Thursday session.  The HUI closed down 2.88 percent.

I don’t have a chart to look at, but after the way JP Morgan et al clubbed silver in New York yesterday, I doubt that it would look quite the same as the HUI chart above.  Nick Laird’s Silver Sentiment/Silver 7 Index closed down 3.29 percent.  Here’s the 6-month chart of that index.  Click to enlarge.

The CME Daily Delivery Report showed that 11 gold and 33 silver contracts were posted for delivery within the COMEX-approved depositories on Monday.  In gold, the sole short/issuer was ABN Amro.  Scotiabank picked up 8 contracts for its own account — and Morgan Stanley picked up the other 3 for its client account.  In silver, ABN Amro was the only short/issuer as well.  ADM, Macquarie Futures and Morgan Stanley stopped 15, 9 and 6 contracts respectively…Macquarie for its own account — and ADM and Morgan Stanley for their client accounts.  The link to yesterday’s Issuers and Stoppers Report is here.

The CME Preliminary Report for the Thursday trading session showed that gold open interest in May declined by 6 contracts, leaving 34 left, minus the 11 contracts mentioned just above.  Wednesday’s Daily Delivery Report showed that 17 gold contracts were actually posted for delivery today, so that means that another 17-6=11 gold contracts just got added to the May delivery month.  Silver o.i. in May dropped by 11 contracts, leaving 110 still left, minus the 33 mentioned in the previous paragraph.  Wednesday’s Daily Delivery Report showed that 47 silver contracts were actually posted for delivery today, so that means that another 47-11=36 silver contract were added to the May delivery month.

May is turning into an extraordinary delivery month in silver, just like March, but for entirely different reasons.  Total deliveries month-to-date in silver for May…4,547 contracts.  Silver contracts issued and stopped in March…3,872.  Simply amazing.

There was a withdrawal from GLD yesterday, as an authorized participant took out 38,060 troy ounces.  And much to my absolute amazement, there was another deposit into SLV.  This time an a.p…mostly likely JPM…added 1,419,429 troy ounces.

Since the engineered price decline began in mid April, there has been 15.6 million troy ounces of silver added to SLV.  It will be interesting to see what the short position report for this ETF looks like when it’s posted on the Internet site in a week or so.

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

Once again it was all zeros in gold over at the COMEX-approved gold depositories on the U.S. East Coast on Wednesday.

There was some activity in silver, as 457,152 troy ounces were received — and another 183,164 troy ounces were shipped out the door for parts unknown.  All of the ‘in’ activity was at Brink’s, Inc. — and 155,118 troy ounces were shipped out of HSBC USA — and the balance…28,045 troy ounces…came out of Brink’s, Inc.  The link to this activity is here.

It was another busy day for the boys and girls at the gold kilobar depository at Brink’s, Inc. in Hong Kong on their Wednesday.  They reported receiving 3,150 of them — and they shipped out a chunky 8,137.  The link to that activity, in troy ounces, is here.

Here are two charts that I dug up on Nick Laird’s website yesterday afternoon.  They are the 10-year charts for all the transparent gold and silver holdings in all the ETFs and depositories scattered about the world.  And the difference between these two precious metals could not be more stark.

The first is the 10-year chart for the gold depositories.  As of the close of trading yesterday, all the world’s transparent gold depositories held 86.6 million troy ounces — and still has a ways to go to get back to its old record high of roughly 102.5 million troy ounces held in the closing days of 2012.  The black line is the inventory level in million of ounces — and the blue trace is the U.S. dollar gold price.  Click to enlarge.

And here’s the 10-year chart for the transparent silver depositories.  On May 1, 2011…the day of the drive-by shooting by JPMorgan et al…the world’s transparent silver inventories were around 770 million troy ounces.  After a brief dip down after that event, they continued to power higher until they ran into a 3-year plateau starting in early 2013.  But by early 2016, visible silver inventories were on the rise again — and are now at a record 962.4 million troy ounces…almost 200 million ounces more than its previous high.  And that doesn’t include the approximately 500 million troy ounces that Ted Butler says that JP Morgan has stashed away over and above the 107 million troy ounces that they hold in their [transparent] COMEX depository.  The black line is the inventory level in million of ounces — and the blue trace is the U.S. dollar silver price.  Click to enlarge.

I don’t have all that many stories for you again today — and I’m quite happy about that.


U.S. Auto Loan Borrowers May Be Gaming Their Credit Scores, UBS Says

Consumer credit scores may end up being a lousy predictor of U.S. borrowers’ ability to repay their car loans, according to UBS strategists, citing flaws in the scores similar to those that emerged during last decade’s housing bubble.

As many as one in five auto-loan borrowers admitted in a survey that their applications for debt contained inaccuracies, UBS strategists led by Matthew Mish wrote, meaning fraud could be more pervasive than lenders planned for. A growing number of borrowers have searched on the Internet for “credit score,” signaling that borrowers may be getting better at figuring out how to game their credit scores, the strategists said.

The report raises questions about one of the key arguments for investors not worrying about consumer credit, and car loans in particular: borrowers’ credit scores are broadly rising, and have been higher for recent auto loans than they were before the financial crisis. Those scores have been climbing while auto lenders loosen many loan terms, including allowing longer payback periods, the strategists wrote.

Everything but credit scores have been eased in lender underwriting,” Mish said. “Loan terms are stretched out, interest rates are aggressive, but there may be an over-reliance on credit scores, and that’s the danger.

This Bloomberg news item is one that I extracted from a Zero Hedge article.  It was posted on the Bloomberg website at 12:41 p.m. Denver time on Thursday afternoon — and I thank Brad Robertson for sharing it with us.  Another link to it is here.

Philly Soda Tax Is Fizzling Flat — Dennis Miller

What is it about politicians? When they have budget problems, their solution is to contrive all kind of excuses to create and raise taxes. Cost cutting is seen as performing an unnatural act. The newest gimmick is a “Soda Tax”, basically a tax on sugary beverages. Philadelphia started the trend. Their efforts are fizzling out and causing problems.

Berkeley, San Francisco, Oakland, Albany (CA), Boulder. Seattle and Cook County (Chicago) IL have also jumped on board. The politicos view the tax as a win for everyone. People will consume less sugary beverages and not get fat, while the funding can be used for inner city projects.

Philadelphia imposed a 1.5 cents per ounce tax on most sugar based drinks or artificial sugar substitutes. The goal is to raise $7.6 million per month in revenue.

Not to be outdone, Seattle Mayor, Ed Murray, who wants to be known as the most progressive mayor in the nation, proposed a $.02 cents per ounce tax. His reasons were, “Improve health by reducing consumptions of sugary drinks, and fund education programs aimed at improving the graduation of minority youth.”

The mayor received backlash and changed the plan to 1.75 cents on sugary drinks while adding diet soda to the list of items to be taxed.

This very interesting commentary by Dennis put in an appearance on his website yesterday — and another link to it is here.

Venezuela Rises Up

On April 4, 2017, Venezuelans decided they had had enough. Enough of the shortages. Enough of the interminable store lines. Enough of the hunger, and of the inflation, and of the crime and of the government’s crackdown on the opposition. Enough of everything.

In cities all across the country that day, they took to the streets to protest.

And haven’t left since.

For 44 days and nights, they have demonstrated against President Nicolás Maduro almost without pause. At times they’ve been peaceful; at other times violent. Government forces and militia groups have responded with an iron fist. They’ve beaten scores of protesters, dragged some in front of military tribunals and killed others.

At last count, the death toll was 43.

I would suspect that the CIA is assisting in the protests against the government any way that they can.  This huge pictorial essay, which is well worth your time, showed up on the Bloomberg Internet site yesterday — and it’s courtesy of Brad Robertson as well.  Another link to it is here.  There was a story about this on the Internet site yesterday.  It’s headlined “Venezuela: Soldiers sent to quell looting amid protests” — and I thank Swedish reader Patrik Ekdahl for this one.

Brazil Stock Market Halted After Plunging 10{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}

With Brazilian Bovespa futures already halted for trading earlier after crashing 10{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} at the open…

Just before the circuit breaker was triggered, state controlled companies Cemig, Banco do Brasil and Petrobras fell 42{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}, 25{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} and 19{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}, respectively according to BBG. Banks Itau and Bradesco fell 18{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} and 19{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e}, respectively, and JBS fell 15{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} as the Brazilian bloodbath continued..

And even more dramatic chart is the 3x Levered Brazil ETF, BRZU, which was down 50{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} moments ago…

At the same time Brazil’s default risk is soaring, as shown by the country’s 5-year credit default swaps.

This news items showed up on the Zero Hedge website at 9:34 a.m. EDT on Thursday morning — and it comes to us courtesy of Richard Saler.  Another link to it is here.  There was a Bloomberg story about this headlined “Brazil Plunges Back Into Political Crisis as Markets Brace” — and I thank Brad Robertson for this one.

Former Ukrainian leader calls for Facebook ban

The St. George’s Ribbon, the Russian language, Russian media, Russian entertainment, Yandex, VK are all prohibited in Ukraine. Facebook may be next.

Not content with banning the Russian owned and internationally used social media network VK as well as the multi-lingual Russian owned Yandex search engine, former Ukrainian leader Oleksandr Turchynov has stated that Facebook should also be banned.

He justified his proposals on the American owned social media network by stating that there are, “Russian special services that create fake accounts, share false-flag information, some provocative information”.

It seems that Ukraine is fast becoming the ban capital of the world.

Perhaps unsurprisingly,  VK, Facebook and Yandex remain fully online in the Donetsk and Lugansk People’s Republics.

This news item was posted on the Internet site around 3 a.m. EDT on Thursday morning EDT — and I thank Roy Stephens for finding it for us.  Another link to it is here.

Turkish President Erdogan’s bodyguards beat up U.S. protesters on U.S. soil

While Turkish President Erdogan’s recent visit to the United States resulted in a less than exciting press conference with Donald Trump, the action on the streets of Washington was anything but boring.

Erdogan was greeted by pro-Kurdish and other anti-Erdogan demonstrators in the land of the First Amendment. While of course the First Amendment is under assault from dogmatic ultra-liberals in the land of its birth, free speech in Turkey has all but died under Erdgoan. Even the popular on-line encyclopedia Wikipedia has been censored by his regime.

But rather than ignore the protesters and move on as most responsible parties would have done, Erdogan’s security team physically assaulted the protesters. Some appeared to be in severe pain as a result.

This is not the first time Erdogan’s bodyguards have taken local law enforcement into their own hands. Previous visits to the United States and other countries by Erdogan have resulted in the similar treatment of protesters. Erdogan’s guards once even fought with U.N. security officials.

The story has been largely ignored by the U.S. mainstream media, but imagine if for example Vladimir Putin’s private security guards beat up U.S. protesters? It would be front page news in The Washington Post and New York Times, CNN would be running the story non-stop.

This is the second story in a row from Internet site — and it’s also courtesy of Roy Stephens.  It was posted there around 2 a.m. Thursday morning EDT — and there’s lot of embedded photos and videos.  Another link to it is here.

Iran nuclear: Trump extends Obama’s “worst deal ever

Donald Trump’s White House has renewed sanctions relief for Iran, despite the U.S. president’s past criticism.

The easing of sanctions is part of a crucial nuclear deal brokered in 2015 under then-President Barack Obama with five other world powers.

Mr Trump has described the landmark agreement as the “worst deal ever“.

However, the U.S. Treasury issued fresh sanctions against specific officials and a Chinese business with links to Iran’s missile programme.

The new sanctions from the Treasury are much more specific in scope, targeting two senior Iranian defence officials and suppliers of missile equipment, in apparent retaliation for a recent missile test, and for Iran’s support of President Bashar al-Assad in Syria.

The move means that sanctions preventing any U.S. companies selling to or dealing with Iran will remain suspended for the time being.

This story put in an appearance on the Internet site on Wednesday sometime — and I thank Swedish reader Patrik Ekdahl for finding it for us.  Another link to it is here.

Missing Chinese Billionaire Agreed to Be Taken Away, Source Says

Xiao Jianhua, the Chinese billionaire whose abrupt disappearance from Hong Kong in January made waves internationally, had engaged in a week-and-half long negotiation with Chinese anti-corruption agents before he agreed to return to Beijing with them, according to a source with knowledge of the matter.

The source, who is close to high-level discussions in the Chinese leadership headquarters at Zhongnanhai, also told The Epoch Times that the anti-corruption team is still in Hong Kong investigating other corrupt Chinese businessmen and officials residing in the semiautonomous city.

Xiao, a 45-year-old China-born Canadian citizen, suddenly went missing from his serviced apartment in Hong Kong’s Four Seasons Hotel on Jan. 27. Accounts in Hong Kong and Western press suggested that Xiao, who controls the holding company Tomorrow Group, was effectively abducted by the Chinese authorities and spirited back to mainland China.

But Xiao had consented to be brought in by the authorities, according to the source in Zhongnanhai. The source said that Xiao and anti-corruption teams based in the Four Seasons discussed the conditions of the engagement for over a week before Xiao finally agreed to leave with them. While details of what transpired are scarce, it is likely that some level of coercion was involved, given mainland authorities presumably continue to enjoy leverage over Xiao, his wealth, and his family members.

Some level of coercion“….???  Ya think?  This article appeared on Internet site at 6:29 p.m. on Wednesday afternoon EDT — and my thanks go out to Patrik Ekdahl.  Another link to it is here.

Papua’s gold families – in pictures

In 1967, the opening of the PT Freeport Indonesia goldmine in Timika gave the local population hopes of employment. Today, 25{f02ffe5e8b39fd7974c2720d01ccf381ddc9ebb4164215842085b3c57e4f642e} of its employees are from the local community but many have not been able to secure a job as the company requires workers to have completed high school. Instead, many locals have become informal miners, working in PTFI’s tailing areas, dumps of material left over after the mining process, along the Ajkwa river.

Around 13,000 people live off the tailings of the PT Freeport Indonesia goldmine in Papua. Photographer Vembri Waluyas visited the settlement on the Ajkwa river to document their lives.

This photo essay, which is definitely worth your time, appeared on Internet site last Friday.  Patrik Ekdahl sent it to me on Saturday — and I was waiting to post it in tomorrow’s column, but decided to post it today, since it’s the only precious metal-related story worthy of the name on the Internet right now.  Another link to it is here.


Today’s ‘critter’ is the cougar, or mountain lion — and its range runs from the Canadian Yukon to the Southern Andes of South American.  The cougar was mostly extirpated in eastern North America in the beginning of the 20th century, except for an isolated Florida panther sub-population.  Secretive and largely solitary by nature, the cougar is more closely related to smaller felines, including the domestic cat…rather than the large cats of Africa, India, Siberia…or the jaguar in South America.  The ‘click to enlarge‘ feature helps with these two shots.


The time has come to establish the international monetary system on an unquestionable basis that does not bear the stamp of any country in particular. On what basis? Truly, it is hard to imagine that it could be any other standard than gold. Yes, gold whose nature does not alter, which may be formed equally into ingots, bars or coins; which has no nationality and which has, eternally and universally, been regarded as the unalterable currency par excellence.” ~ Former French President Charles de Gaulle

Although the gold price was allowed to rally above its Wednesday close a few times for brief moments during the Thursday trading session, that all ended the moment that the noon silver fix was put to bed in London yesterday — and by 2 p.m. in New York, two thirds of Wednesday’s gains in gold had vanished.  In silver it was even worse, as JP Morgan et al were pulling out all the stops to reverse whatever trading was done on Wednesday as well.  Volumes in both precious metals were at the ‘over-the-moon’ levels for the second day in a row.

To a certain extent, the volumes in gold can be understood, as both the 200 and 50-day moving averages were broken to the downside — and the gold price was closed slightly below them both, but not by a material amount.  But, and for the second day in a row, there were no moving averages broken in silver as  ‘da boyz’ hammered that precious metal into the dirt on eye-watering volume once again.

And it’s a near certainty that JP Morgan et al rang the cash register to a certain extent in both gold and silver as they engineered prices lower yesterday.

These, plus other things, including today’s COT Report, were part of what Ted was talking about on the phone yesterday.

Here are the 6-month charts for all four precious metals, plus copper, once again — and copper got it in the neck yesterday as well.  But, like what has been happening all too frequently lately, the closing prices for gold, platinum and palladium on Thursday’s dojis do not reflect the price action during the entire Thursday session, as their respective lows were set in the not-so-thinly traded after-hours market after the COMEX close.  Those lows won’t show up until Friday’s dojis are posted later this afternoon.  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 rallied quietly until 9 a.m. CST [China Standard Time] on their Friday morning — and then traded pretty flat until about thirty minutes or so before the afternoon gold fix in Shanghai.  It’s been rallying quietly since then — and is currently up $3.50 an ounce.  Silver rallied a bit in the first hour and change of trading once it began at 6:00 p.m. EDT on Thursday evening in New York — and then it also traded sideways until about thirty minutes before the afternoon gold fix in Shanghai.  It’s been creeping higher in price since — and is up 12 cents currently.  It’s been virtually the same trading pattern for both platinum and palladium — and at the moment, the former has now been sold back to unchanged, after being up 2 bucks ten minutes ago — and the latter is higher by 4 dollars as Zurich opens.

Net HFT gold volume is a bit over 38,000 contracts — and that number in silver is just over 9,500 contracts.

The dollar index dropped about 10 basis points in the first twenty minutes of trading once it began to trade in New York yesterday evening — and has been moving quietly sideways since.  But minutes after 2 p.m. CST, it took a bit of a header — and is down 18 basis points as London opens.

Today, at 3:30 p.m. EDT, we get the latest Commitment of Traders Report from the CFTC and, it’s mostly “yesterday’s news”…as the changes since the Tuesday afternoon cut-off have most likely been enormous.  But the numbers will put a stake in the ground at the point where the big changes on Wednesday and Thursday began — and it will make an excellent reference point for next Friday’s COT Report.  We always seem to be waiting for the next COT Report to surface, don’t we?

Ted had quite a bit to say about what may or may not be in today’s COT Report — and here is the summary of what he said in just three sentences…”Having raised the question as to what Friday’s COT will show, let me answer by saying I’m not sure, especially in silver. There are some very strong crosscurrents or conflicting factors which make me undecided. That said, I don’t think Friday’s report will radically alter the remarkable results in silver over the past three reporting weeks.

And as I post today’s missive on the website at 4:02 a.m. EDT, I see that the gold price hasn’t been allowed to do much in the first hour of trading in London — and is currently up $3.40 the ounce.  Silver is still up 13 cents.  Platinum is now up a dollar — and palladium is up 3.  Nothing much has changed in any of the four precious metals since London and Zurich opened.

Net HFT gold volume is very decent at something over 44,000 contracts — and that number in silver is sneaking up on 12,000 contracts.  Heavier volumes than I like to see, yes…but nothing on the scale of the volumes we had this time of day on both Wednesday and Thursday.

The dollar index continues to wander lower — and is now down 27 basis points.  It’s seems obvious, at least to me, that the powers-that-be aren’t going to allow the continuing dollar index weakness to manifest itself in higher precious metal prices…at least not for the moment.

Today is Friday — and after the price/volume activity of the previous two trading days, I’m wide open for anything when I check the charts later this morning.

I hope you have a good weekend — and I’ll see you here tomorrow.


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