09 April 2019 — Tuesday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price didn’t do much for the first two hours once trading began at 6:00 p.m. EDT in New York on Sunday evening. Then, over the next two hours it rallied by five bucks or so before trading flat until shortly before the London open. It jumped a dollar and change at that point — and then traded flat once again until a few minutes before 1 p.m. BST in London/8 a.m. EDT in New York. It began to head rather sharply higher from there — and back above $1,300 spot. But a minute or so before 9 a.m. it ran into ‘something’ — and was sold lower until about 11:15 a.m. EDT. From there it traded almost ruler flat for the remainder of the Monday session.
Despite the nice looking price spike, the low and high ticks aren’t worth looking up.
Gold was closed in New York yesterday at $1,297.10 spot, up $5.70 on the day. Net volume was nothing special at 201,000 contracts — and there was only a hair over 7,000 contracts worth of roll-over/switch volume on top of that.
The price path for silver was very similar in Far East and morning trading in London…except its price path was a bit more ragged looking. Its sharply rally also began around 1 p.m. BST/8 a.m. EDT — and the not-for-profit sellers had to step in at 8:45 a.m…or it the price would have really sailed. It was sold lower until around 9:35 a.m. in New York trading — and didn’t do a thing after that.
The low and high ticks in this precious metal were reported by the CME Group as $15.075 and $15.275 in the May contract.
Silver was closed at $15.22 spot, up 14 cents from Friday — and well above its 200-day moving average. Net volume was very light at a bit over 40,000 contracts — and roll-over/switch volume was pretty decent at a bit over 17,000 contracts.
Platinum’s quiet rally in early Far East trading got stopped in its tracks a minute or so after 10 a.m. China Standard Time on their Monday morning — and it was sold down until about noon over there. From that juncture it began to head unevenly higher and, like gold, ran into ‘something at 9 a.m. in New York. It was sold down into the afternoon gold fix — and then chopped and flopped around by a few dollars until the 1:30 p.m. EDT COMEX close. It didn’t do a thing after that. Platinum finished the day at $907 spot, up at even 10 dollars from Friday.
Palladium rallied very unevenly higher — and was up ten dollars by a few minutes before 1 p.m. CST on their Monday afternoon, but by the Zurich open, was down around 7 bucks on the day. Then, like platinum, it had a sharp rally around 10 a.m. CEST in Zurich, but was…like gold and platinum, sold lower until 9 a.m. in New York. It rallied a bit after the afternoon gold fix in London — and then was sold down a bit until 1 p.m. EDT. Like the other three precious metals, it didn’t do much of anything from a price perspective after that. Palladium was close on Monday at $1,361 spot, up 11 dollars from Friday.
The dollar index closed very late on Friday afternoon in New York at 97.40 — and opened basically unchanged once trading began at 6:30 p.m. EDT on Sunday evening in New York. It was all quietly down hill from there until 8:30 a.m. in New York — and then the decline became somewhat more serious. The 96.98 low tick was set a minute or so before 9 a.m. EDT — and it rallied back above the 97.00 mark an hour and change later — and then didn’t do much for the remainder of the Monday trading session. The dollar index finished the day at 97.05…down 35 basis points from Friday’s close.
Although there was a bit of correlation between the dollar index and precious metal prices in New York early on Monday morning for about an hour, it was obvious that prices were being kept well contained during the rest of the day…both before and after.
Here’s the DXY chart, courtesy of Bloomberg once again. Click to enlarge.
Here’s the 6-month U.S. dollar index chart, courtesy of the folks over at the stockcharts.com Internet site — and the delta between its close…96.13…and the DXY chart above, was 92 basis points on Monday. Click to enlarge.
The gold shares gapped up just under two percent at the open — and after a late morning down/up dip, crept very quietly lower until trading ended at 4:00 p.m. EDT in New York. The HUI closed up 1.19 percent.
The silver equities gapped up a percent and change once trading commenced at 9:30 a.m. in New York on Monday morning. — and rallied very unevenly higher from there until a minute before 2 p.m. EDT — and then sold off a decent amount going into the close. Nick Laird’s Intraday Silver Sentiment/Silver 7 Index closed up 1.73 percent. Click to enlarge if necessary.
And here’s Nick’s 1-year Silver Sentiment/Silver 7 Index chart, updated with Monday’s doji. Click to enlarge as well.
The CME Daily Delivery Report showed that 20 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on the U.S. east coast on Wednesday.
In gold, the three short/issuers were Advantage, ADM and Marex Spectron with 11, 7 and 2 contracts out of their respective client accounts. The four long/stoppers were Advantage and JPMorgan, with 6 and 3 contracts for their respective client accounts — and Citigroup and HSBC USA with 6 and 5 contracts for their own in-house/proprietary trading accounts.
There were also 73 copper — and 2 platinum contracts stopped as well.
The link to yesterday’s Issuers and Stoppers Report is here.
The CME Preliminary Report for the Monday trading session showed that gold open interest in April fell by 98 contracts, leaving 345 still around, minus the 20 gold contracts mentioned a few short paragraphs ago. Friday’s Daily Delivery Report showed that 87 gold contracts were actually posted for delivery today, so that means that 98-87=11 gold contracts vanished from the April delivery month. Silver o.i. in April dropped by 60 contracts, leaving just 15 left. Friday’s Daily Delivery Report showed that 60 silver contracts were actually posted for delivery today, so the change in open interest and deliveries match.
For the sixth day in a row there was a withdrawal from GLD, as an authorized participant took out 37,773 troy ounces. Once again, there was no withdrawal from SLV.
The folks over at Switzerland’s Zürcher Kantonalbank updated their website with the goings-on inside their gold and silver ETFs as of the close of business on Friday, April 5 — and this is what they had to report. Their gold ETF dropped by 14,207 troy ounces, but their silver ETF added 123,106 troy ounces.
There was a tiny sales report from the U.S. Mint. They sold 500 troy ounces of gold eagles — and 500 one-ounce 24K gold buffaloes — and that was all.
There was some movement in gold over at the COMEX-approved depositories on the U.S. east coast on Friday. Nothing was reported received, but 64,973.289 troy ounces was shipped out. Of that amount, there was 37,137.682 troy ounces/1,155 kilobars [SGE kilobar weight] shipped out of JPMorgan — and the remaining 27,575.040 troy ounces/857 kilobars [U.K./U.S. kilobar weight] was shipped out of Canada’s Scotiabank. There were a couple of tiny amounts shipped out of Brink’s, Inc. and Delaware as well. There was also a paper transfer of 16,991.050 troy ounces/528 kilobars [U.K./U.S. kilobar weight] transferred from the Eligible category — and back into registered. That occurred at JPMorgan. The link to ‘all of the above’ is here.
It was fairly busy in silver. There was 786,293 troy ounces reported received — and 1,735,613 troy ounces shipped out. Of the ‘in’ amount, there was 486,787 troy ounces received at JPMorgan — and the remaining 299,505 troy ounces was dropped off at Brink’s, Inc. In the ‘out’ category, there was 1,090,421 troy ounces taken out of Brink’s, Inc…plus one truckload…629,300 troy ounces, departed CNT. The remaining 15,892 troy ounces left Delaware. There was also a paper transfer of 298,872 troy ounces from the Eligible category — and into Registered over at CNT. The link to all this activity is here.
There was no activity over at the COMEX-approved gold kilobar depositories in Hong Kong on their Friday, as it was closed for the Ching-Ming/Tomb Sweeping Day holiday.
Here are two charts that Nick passes around every week. I didn’t have space for them last week, as I had other charts to post that I felt were more important, so here they are now. They show the gold and silver stored in all know depositories, mutual funds and ETFs as of the close of business on Friday, April 5.
The first chart is for gold — and it shows that total gold inventories fell by a net 352,000 troy ounces during the reporting week. That’s a rather interesting number considering the fact that GLD, the largest of the gold depositories, shed 726,300 troy ounces of gold during the reporting week. So that means that other depositories picked up around 374,000 troy ounces of gold that same week. Click to enlarge.
And here’s the chart for silver — and it shows that, on a net basis, there was 343,000 troy ounces of silver withdrawn last week. There was 433,800 troy ounces removed from SLV during the reporting week, so more must have been added elsewhere during the reporting week. Click to enlarge.
I have an average number of stories for you today.
U.S. factory orders have been flat to weak for six straight months now…Click to enlarge.
Factory orders fell 0.5% MoM in February and were revised lower to unchanged in January.
Decoupling from the U.S. equity market’s push for new record highs…Click to enlarge.
But then again, when did fun-durr-mentals matter?
This very brief 2-chart Zero Hedge article put in an appearance on their website at 10:10 a.m. on Monday morning EDT — and I thank Brad Robertson for sending it along. Another link to it is here.
We opined at the time of the 2016 election that neither foreign terrorists, nor illegal immigrants, nor cottoning up to Russia, nor Iran constituted a real threat to the U.S.
The real threat was homegrown… in the swamp of Washington, D.C., not overseas.
Unless the White House and/or Congress figured out how to walk on two legs – with some foresight and backbone – the country would go broke…
And that – as we’ve seen in Weimar, Germany, Venezuela, Zimbabwe, Brazil, and Argentina – is not just a matter of money.
When the money breaks down, other things tend to break down, too – politics, order, justice, civil society… almost everything.
This commentary, which Bill takes his time in getting around to, showed up on the bonnerandpartners.com Internet site early on Monday morning EDT — and another link to it is here.
Step aside (fading) trade war with China: there is a new aggressor – at least according to the U.S. Trade Rep Robert Lighthizer – in town.
In a statement on the USTR’s website published late on Monday, the U.S. fair trade agency announced that under Section 301 of the Trade Act, it was proposing a list of E.U. products to be covered by additional duties. And as justification for the incremental import taxes, the USTR said that it was in response to E.U. aircraft subsidies, specifically to Europea’s aerospace giant, Airbus, which “have caused adverse effects to the United States” and which the USTR estimates cause $11 billion in harm to the U.S. each year.
One can’t help but notice that the latest shot across the bow in the simmering trade war with Europe comes as: i) Trump is reportedly preparing to fold in his trade war with China, punting enforcement to whoever is president in 2025, and ii) comes just as Boeing has found itself scrambling to preserve orders as the world has put its order book for Boeing 737 MAX airplanes on hold, which prompted Boeing to cut 737 production by 20% on Friday.
While the first may be purely a coincidence, the second – which is expected to not only slam Boeing’s financials for Q1 and Q2, but may also adversely impact U.S. GDP – had at least some impact on the decision to proceed with these tariffs at this moment.
We now await Europe’s angry response to what is Trump’s latest salvo in what is once again a global trade war. And, paradoxically, we also expect this news to send stocks blasting higher as, taking a page from the U.S.-China trade book, every day algos will price in imminent “U.S.-European trade deal optimism.”
This news item appeared on the Zero Hedge website at 7:04 p.m. on Monday evening EDT — and another link to it is here.
If NATO were a person, it would be five years past retirement age. In fact, as Ron Paul notes, NATO should have retired back in the early 1990s when its reason for existence – the Warsaw Pact – ceased to exist. Instead, new missions had to be created and new enemies had to be made to justify the massive behemoth that provides lush jobs for the well-connected and vast fortunes for the weapons makers. NATO must die and the sooner the better.
When the North Atlantic Treaty Organization was created 70 years ago in 1949 it was formed as a blatant military instrument for waging the Cold War, a war that the U.S., Britain and other European allies had newly embarked on. NATO’s public relations cant about “peace and security” is but Orwellian rhetoric.
But, as The Strategic Culture Foundation notes, the supposed allies of the Soviet Union hastily went from an ostensible joint purpose of defeating Nazi Germany during the Second World War to initiating hostility towards Moscow. Already in 1946, British war-time leader Winston Churchill was fulminating about “an Iron Curtain” descending across Europe, in language adapted from Third Reich propaganda maestro Joseph Goebbels. The ensuing Cold War would last for nearly half a century until the Soviet Union collapsed from its internal political and economic stresses.
NATO’s first secretary general, Britain’s Lord Ismay, was candid in the mission of the military alliance. Its objective, he said, was to, “Keep Russia out, the Americans in, and Germany down”.
This very interesting and worthwhile commentary from Tyler Durden over at Zero Hedge appeared on their Internet site on Saturday morning EDT — and another link to it is here.
Just hours after President Trump formally designated Iran’s Islamic Revolutionary Guards Corps as a terrorist organization, Iran’s foreign ministry has put forward a bill placing U.S. Central Command on a list of organizations designated as terrorists, akin to Daesh.
But, as Sputnik News reports, the Iranian Foreign Ministry responded to the designation on Monday, recommending that President Hassan Rouhani designate U.S. Central Command (U.S. CENTCOM), a U.S. military theatre-level command whose area of responsibility includes the Middle East, on the list of organisations designated as terrorists by Iran.
Previously, the Iranian Foreign Minister noted that those U.S. officials who advocated IRGC blacklisting, “seek to drag the U.S. into a quagmire“.
Iranian officials previously warned that the IRGC’s inclusion on the U.S. terror list would be a “mistake” which would prompt Tehran to equate the U.S. military with Daesh (ISIS). Heshmatollah Falahatpisheh, chairman of the Iranian parliament’s National Security and Foreign Policy Commission, said a bill to this effect had already been prepared.
This story, also from the Zero Hedge website, was posted there at 11:15 a.m. EDT on Monday morning — and I thank Brad Robertson for sharing it with us. Another link to it is here.
On Friday, the Nikkei Asian Review reports that Nomura Holdings, Inc. expects to close over 30 of its 156 domestic retail branches, “previously considered a sacred cow by the group.” In addition, Nomura will eliminate roughly half of its 11 administrative departments and “revisit its policy of maintaining hubs in Japan, the U.S. and Europe.” That comes after the investment bank reported a ¥101.2 billion ($911 million) loss for the nine months ended Dec. 31, its worst such showing since 2008.
Nomura’s misadventures are no outlier. In early March, Mizuho Financial Group, Inc. was forced to take a ¥680 billion write down that included ¥150 billion worth of losses related to its portfolio of overseas bonds. More broadly, the Tokyo Stock Exchange Bank Index has seen its return on equity decline in each of the last five years, to 5.33% in 2018 from 9.77% in 2013. The index trades at a paltry 0.47 times book value, worse than even the EURO Stoxx Bank Index’s similarly-depressed 0.62 price-to-book ratio and far below the 1.18 times book valuation commanded by the U.S. KBW Bank Index.
Of course, much like Europe, Japan’s macro-economic backdrop features negative interest rates and aggressive central bank asset purchases. The BoJ has accumulated ¥557 trillion in assets, equivalent to 101% of 2018 nominal GDP (that compares to about 39% in Europe and 19% in the U.S.), as policymakers continue to up the ante in their quest to achieve a 2% measured rate of inflation.
With its gargantuan portfolio, the BoJ wields substantial control of the country’s capital markets. As noted by the Financial Times on Sunday, the central bank now holds close to 80% of outstanding ETF assets, equating to approximately 5% of Japan’s total market capitalization, while data from Bloomberg pegs the BoJ ownership of the Japanese Government Bond Market at 43%.
This very interesting article from Jim showed up on the Zero Hedge website at 7:00 p.m. EDT on Sunday evening. I thank Richard Saler for pointing it out — and another link to it is here.
It’s hard to recall from the journalistic pack such a panic as has erupted over news that President Trump intends to name Stephen Moore and Herman Cain to the board of the Federal Reserve. The New York Times warns the Fed could end up under the presidential “thumb.” A “hideous specter,” says the Washington Post. “Sabotage” cries the Financial Times. They all bewail the Fed’s independence.
We’re tempted to say that all this solicitude over monetary policy warms the cockles of what’s left of our heart. Yet the fact of the matter is that none of them — neither of the two Timeses nor the Post — are worried about an independent monetary policy. If they were, they’d have been in the fight for the gold standard long ago. It’s the classical, constitutional way to keep monetary policy sound and honest.
Neither are they worried about the qualifications of either Messrs. Moore or Cain, though the Democratic press has been withering. Mr. Moore has been in the debate over economic policy his whole adult life, and Mr. Cain spent years on the board of — and chaired — the Kansas City Fed. (There’s a school of thought that reckons we need more representation of regional Feds on the board of governors.)
What the uproar over these prospective nominations reflects is the sudden realization that the President could well include monetary policy on the list of campaign promises he intends to keep. Remember? The Paris climate accord, Iran deal, Jerusalem embassy, tax cuts, full employment, rebuild the military, build the wall, conservative judges — can the Federal Reserve be far behind?
This short, but very interesting editorial was posted on The New York Sun‘s website on Sunday — and the first person through the door with it was Fred Ehrman. Another link to it is here.
After helping to build what was once the most valuable gold mining company in the world, Goldcorp Inc. chairman Ian Telfer is planning to exit on a low-note — albeit $12 million richer.
Earlier this year, Telfer cut a deal to sell Goldcorp for US$10 billion — a 78 per cent hair cut from its peak valuation of US$45 billion back in 2011 when gold prices were soaring.
On Thursday, in a sign of how far the company has fallen, Goldcorp shareholders voted nearly unanimously to approve the deal. Proxy advisors have recommended Newmont shareholders do the same when they vote April 11.
That means Telfer, 73, who does not hold a position at any other gold company, could officially be jobless next week, having opted to take a $12 million severance pay out despite shareholder objections, and to give up the chance to serve as Newmont’s deputy chairman.
If he does leave the gold industry — although some friends and acquaintances doubt he will sit still in retirement — the departure comes at a time when Telfer believes the gold mining industry is headed for a period of decline, as he made clear in interviews with the Financial Post conducted during the past year including an extended conversation last May before his induction into the Canadian Business Hall of Fame.
Convinced that the major gold reserves in the world all have been discovered and the industry must shrink, Telfer has been bracing for a wave of consolidation. Unfortunately, it arrived last year as his company was trading at its lowest point in decades.
Ian is more than aware that the precious metal markets are being managed, but won’t say a word about it in the public domain. This longish news story put in an appearance on the National Post’s website on Monday sometime — and it’s posted in the clear in its entirety on the gata.org Internet site. Another link to it is here.
Italy’s government is pushing ahead with new laws challenging the central bank’s control of the country’s reserves. Rome is calling for public ownership of the nation’s gold.
The ruling coalition of the anti-establishment 5-Star Movement and the League parties proposed two bills that have evoked nationwide controversy over the country’s long-standing financial and monetary system. One draft law may, reportedly, oblige the central bank’s owners to sell their shares to the Italian Treasury at prices from the 1930s, while the second law is set to declare Italian nationals to be the owners of the Bank of Italy’s reserves.
“The gold belongs to the Italians, not to the bankers. We are ready to battle everywhere in Italy and to bring Italians to the streets if necessary,” said Giorgia Meloni, leader of the Brothers of Italy opposition party, as quoted by The Wall Street Journal.
The 5-Star Movement and the League previously blamed the current system of governing the country’s monetary system for losses of small individual investors caused by the recent downfall of several Italian financial institutions.
According to government officials, the central bank failed to maintain proper supervision of the country’s banking system during the latest crisis that put the entire monetary system of the Eurozone at risk.
This news item was posted on the rt.com Internet site at 11:26 a.m. Moscow time on their Monday morning, which was 4:26 a.m. in Washington…EDT plus 7 hours — and I thank Larry Galearis for sending it our way. Another link to it is here. The Zero Hedge spin on this, courtesy of Roy Stephens, is headlined ““It Belongs To The People, Not The Bankers” – Italy Moves To Seize Gold From Central Bank“.
India will hold a top ministerial meeting early this week on giving gold the status of an asset class, a move that seeks to reduce the dependence on imports by boosting the circulation of an estimated 25,000 tonnes of the metal lying locally in jewellery or coin forms.
The status of an asset class would give Indians the opportunity to capitalise their gold and make it as liquid as the stock of a listed company. The government is working on having an India gold delivery standard, similar to gold that’s certified by the London Bullion Market Association (LBMA), the world’s standard setter for the metal.
The meeting is scheduled to be held in New Delhi, two persons aware of the development said. The Bureau of Indian Standards, or BIS, would play a key role in making gold an asset class, said one to the persons.
Residents holding gold jewellery or coins would be able to get these melted into 995 or 999 purity bars by accredited refiners, who would issue a certificate to them bearing the title of goods, purity and serial number embossed on the bars, which can be traced to their owner.
This paper gold-related news story, filed from Mumbai, showed up on the Economic Times of India website — and is actually headlined “Inter-ministerial group to meet on making gold an asset class” — and I found this story on the gata.org Internet site. Another link to it is here.
China’s on a bullion-buying spree as Asia’s top economy expanded its gold reserves for a fourth straight month, adding to investors’ optimism that central banks from around the world will press on with a drive to build up holdings. Prices advanced back toward $1,300 an ounce.
The People’s Bank of China raised reserves to 60.62 million ounces in March from 60.26 million a month earlier, according to data on its website on Sunday. In tonnage terms, last month’s inflow was 11.2 tons, following the addition of 9.95 tons in February, 11.8 tons in January and 9.95 tons in December.
China, the world’s top gold producer and consumer, is facing signs of a slowing economy, even as progress is being made in trade negotiations with the U.S. The latest data from the PBOC indicate that the country has resumed adding gold to its reserves at a steady pace, much like the period from mid-2015 to October 2016, when the country boosted holdings almost every month. Should China continue to accumulate bullion at the current rate over 2019, it may end the year as the top buyer after Russia, which added 274 tons in 2018.
Last year’s bullion buying by emerging-market central banks was the most robust in a long time as countries diversified reserves, Ed Morse, Citigroup Inc.’s global head of commodities research, said in a Bloomberg TV interview on Monday. The bank’s positive on gold, targeting $1,400 by year-end.
Of course China didn’t ‘buy’ this gold very recently at all. They just moved it from an off-book ledger entry — and into the light of day. Expect more of this as time goes along. This Bloomberg story appeared on their Internet site at 3:10 a.m. Pacific Daylight Time on Sunday morning — and was updated about 23 hours later. I found it in a GATA dispatch — and another link to it is here. The rt.com spin on this is headlined “China Boosts Its Gold Reserves for Fourth Month in a Row – Central Bank” — and I thank Stewart Naylor for finding it for us.
The PHOTOS and the FUNNIES
The powers-that-be haven’t gone away — and were then when needed a minute or so before 9 a.m. EDT for gold — and fifteen minutes before that in silver. And if you noted the charts for both platinum and palladium, their rally attempts at various time during the Monday trading session, both in New York and Zurich, weren’t left untouched, either.
As stated previously, volume in gold was nothing special — and in silver it was pretty light — but light volume or not, it should be more than obvious that all four precious metals would have closed at some unimaginable prices if ‘day boys’ had appeared when required to do so.
Here are the charts for all four precious metal, plus copper and WTIC — and it should also be noted that WTIC closed firmly above its 200-day moving average for the second day in a row on Monday. Click to enlarge for all.
And as I type this paragraph, the London open is less than ten minutes away — and I note that the gold price was up a dollar or so by 9 a.m. China Standard Time on their Tuesday morning — and then didn’t do much until shortly before 2 p.m. CST. It was then sold lower — and is currently up 30 cents the ounce. Silver traded unevenly sideways through all of Far East trading — and is down a 2 cents at the moment. Platinum has been sold unevenly lower in Far East trading — and is down 7 bucks. Ditto for palladium — and it’s down 2 dollars as Zurich opens. It was down 11 dollars about twenty minutes before that.
Net HFT gold volume is coming up on 35,000 contracts — and there’s only 229 contracts worth of roll-over/switch volume in this precious metal. Net HFT silver volume is pretty quiet at a hair over 6,000 contracts — and there’s 1,379 contracts worth of roll-over/switch volume on top of that.
The dollar index hasn’t been doing a lot. It opened up 3 basis points once trading began at 7:44 a.m. EDT in New York on Monday evening — and dipped a few basis points below the 97.00 mark by shortly before noon in Shanghai — and it edged a few bases points higher from there, but then rolled over about twenty-five minutes before the London open — and is down 8 basis points — and back below the 97.00 mark as of 7:45 a.m. in London/8:45 a.m. in Zurich.
Today, at the close of COMEX trading, is the cut-off for this Friday’s Commitment of Traders Report — and I’ll leave the guessing up to Ted as to what it may or may not say when he posts his mid-week commentary for his paying subscribers on Wednesday.
And as I post today’s column on the website at 4:03 a.m. EDT, I see that gold is off its London open low — and is back above $1,300 spot by a whisker…up $3.00 the ounce. Silver is off its low as well — and now up 1 cent. Both platinum and palladium are off their pre-Zurich open lows, with the former down 6 dollars — and palladium is now up 3 bucks.
Gross gold volume is around 44,500 contracts — and minus what little roll-over/switch volume there is, net HFT gold volume is 42,900 contracts. Net HFT silver volume is coming up on 8,100 contracts — and there’s a hair over 4,000 contracts worth of roll-over/switch volume in that precious metal already.
The dollar index rallied a bit until the London open — and then chopping lower from there — and is down 8 basis points as of 8:45 a.m. BST in London/9:45 a.m. CEST in Zurich.
That’s it for another day — and I’ll see you here tomorrow.