Ed Steers Gold & Silver Daily / Casey Research 1/21/2015 | Tuesday Market Analysis GOLD After chopping sideways in a tight range for almost all of the Far East trading session on their Monday, the gold price caught a bid about 3:30 p.m. Hong Kong time---and thirty minutes before the London open. Most of the impressive gains were in by 9 a.m. GMT---ninety minutes later---and from there it chopped quietly higher once again, but in a far wider range. Im speculating here, but from the Kitco chart below, it appears that the powers-that-be were attempting to keep the gold price below the $1,300 spot price mark, but maybe Im imagining things---black bears in dark rooms that arent there, sort of thing. The low and high ticks were reported by the CME Group as $1,272.10 and $1,297.20 in the February contract. Gold closed in New York yesterday at $1,294.20 spot, up $13.90 from Fridays close. Net volume was monstrous once again at 221,000 contracts. SILVER After following a similar price path as gold, yesterdays price action in silver was pretty clear cut, as the not-for profit-sellers were out in force shortly after 9 a.m. GMT in London yesterday morning---and by the noon silver fix had the price back to unchanged on the day, after it had broken through the $18 spot price mark for a microsecond. And its equally as obvious that every rally to equal that price after that, met a similar fate. The low and high ticks in the March contract were recorded as $17.63 and $18.045. Silver finished the trading day on Monday at $17.975 spot, up 19.5 cents from Fridays close but, like gold, would have finished materially higher if allowed to trade freely, which it obviously wasnt. Silvers net volume was very heavy at 58,500 contracts. PLATINUM & PALLADIUM After trading flat until around 2:30 p.m. Hong Kong time, the platinum price began to chop higher under what appeared to be resistance of some sort, but ran away to the upside a bit shortly after COMEX trading began in New York. The rally ran out of gas/got capped the moment that Zurich closed for the day---and it chopped a few dollars lower after that. Platinum closed yesterday at $1,277---up $19 from Friday. Palladium also showed signs of life before the Zurich open---and that white metal hit its high of the day shortly after the Zurich close as well. Palladium finished the Monday trading session at $774 spot, up an even 20 dollars. USDX No Report.. GOLD & SILVER STOCKS The gold stocks gapped up at the open---and then crawled to their high tick of the day, which occurred precisely at noon EST. There there they got sold down over two percent to their lows of the day, which came around 2:45 p.m.---and from there, they rallied into the close. The HUI finished up another 3.40%. The silver equities hit their highs of the day about twenty-five minutes after the markets opened on Monday in New York---and from there they chopped sideways in a fairly tight range for the remainder of the day, although they also rallied a bit starting around 2:45 p.m. EST. Nick Lairds Intraday Silver Sentiment Index closed up an impressive 4.62%. And not that I wish to rain on anyones parade, but heres the long-term Silver Sentiment Index going back to mid 2009 to put the last couple of months worth of gains in perspective---and as you can tell, weve got a ways to go to get back to anywhere near the high tick that preceded JPMorgans drive-by shooting that occurred on May 1, 2011. Its hard to believe that well ever see that old high again, but we will eventually. The CME Daily Delivery Report showed that zero gold and 10 silver contracts were posted for delivery within the COMEX-approved depositories tomorrow. Once again the short/issuer was Jefferies---and Scotiabank stopped 7 of them. So far this month, there have been 8 gold and 401 silver contracts delivered. Thats a negligible number for gold, as January is not a traditional delivery month. But the silver contracts delivered so far in January is quite impressive---and its not a traditional delivery month for silver, either---and theres still lots of month to go. The CME Preliminary Report for the Monday trading session showed that January open interest in gold increased by 3 contracts to 90 contracts still outstanding. In silver, January o.i. now sits at 62 contracts, down 18 contracts from Fridays report. It was another big day over at GLD, as an authorized participant deposited a whopping 364,947 troy ounces of gold. In the last three consecutive business days in the U.S., a whopping 1,114,082 troy ounces of gold have been deposited in GLD! These are big, big numbers dear reader! So, whats happening over at the SLV ETF? Funny you should ask that question. There hasnt been one single ounce of silver deposited in SLV since December 1, 2014---and yes, you read that right. As a matter of fact, since that deposit on December 1, authorized participants [most likely JPMorgan and a tiny handful of other A.P.s] have withdrawn 25.15 million ounce of silver from SLV, the latest being the 4.55 million troy ounces that they took out last week. Ignoring the price shenanigans in silver from November 28 to the end of December 2014---silver has rallied about $2.50 from the beginning of the 2015 calendar year---and not one ounce has been deposited. Only withdrawals. So its obvious that authorized participants, particularly JPMorgan, have been shorting the shares of SLV in lieu of depositing real metal, as the metal to deposit obviously doesnt exist. Im not sure how much silver that SLV is owed at the moment, but Im sure Ted will have a something to say about all of this in his mid-week column to his paying subscribers which comes out mid-afternoon EST today. The confounding thing about all this, is that only Ted Butler is talking about it. The other so-called silver analysts out there---and theyre all so-called---treat this issue like they would the Ebola virus. They wont come near it. As I said last week, dear reader, you have to ask yourself why this is the case? This, and the manic in/out movements in COMEX warehouse silver stocks---and the record high silver eagles and silver maple leaf sales in the face of punk retail sales---are the silver stories of the decade, if not this very young 21st century. Why, why, why is nobody else talking about this!!! United States Mint As a side note, the U.S. Mint had a sales report on Tuesday. They didnt sell any gold, but sold another 954,500 silver eagles. That brings silver eagle sales for 2015 up to the 4,656,000 mark, with another eight business days still to go in the month of January. COMEX Over at the COMEX-approved depositories on Friday, there were no in/out movements in gold at all---not one ounce. But it was another busy day in silver, as 721,689 troy ounces were reported received---but only 85,338 troy ounces were shipped out.. #gold #silver #platinum #palladium #preciousmetals #USDollar #USDX #stocks #goldstocks #silverstocks #HUI #GLD #SLV #DailyDeliveryReport #contracts #futures #USMint #GoldAmericanEagle #GoldBuffalo #SilverAmericanEagle #RCMint #GoldMapleLeaf #SilverMapleLeaf #Comex #CME #EdSteer #GoldAndSilverDaily #CaseyResearch
Posted on: Wed, 21 Jan 2015 17:28:19 +0000
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