Ed Steers Gold & Silver Daily / Casey Research 9/18/2014 | Wednesday Market Analysis GOLD The gold price didnt do much during most of the Wednesday trading session. But that all changed at precisely 2 p.m. EDT when Janet spoke---and that was that. The initial down spike at that time didnt amount to much, but about forty minutes later the HFT boyz put in an appearance and quickly had gold down to a new low. The sell-off ended at precisely 4 p.m. EDT---and from there it traded sideways into the 5:15 p.m. close of electronic trading. The high and low ticks were recorded by the CME Group as $1,240.50 and $1,222.00 in the December contract. Gold finished the Wednesday session at $1,223.20 spot, down $11.70 from Tuesdays close. Net volume was 125,000 contracts with a big chunk of that occurring between 2 and 4 p.m. in New York. SILVER The silver chart was very similar except for a brief [and capped] rally at the Comex open. Then it traded sideways until 2 p.m.---and you already know the rest. The high and low in silver yesterday were recorded as $18.80 and $18.49---however, it wasnt a new low for silver, as that would be tough to do, as the metal is basically sold out to the downside. Silver closed on Wednesday at $18.52 spot, down 16.5 cents from Tuesday. Net volume was 32,500 contracts. PLATINUM & PALLADIUM Platinum hit its high of the day about half an hour before Zurich opened---and it was all down hill to its 4:30 p.m. EDT low. It recovered a few bucks into the close---and it, too, hit a new low for this move, down 13 bucks on the day. Palladium hit its high just before lunch in Zurich---and it, like platinum, got sold down as well, closing almost on its low, down an even ten bucks---but nowhere near a new low. USDX The dollar index closed late on Tuesday afternoon in New York at 84.07---and traded basically flat until a few minutes before Yellen opened her mouth at 2 p.m. The dollar rallied---and then retreated but, once again, it looked like the HFT boyz spun their algorithms---and away went the dollar to the upside. Im sure there was a certain amount of short covering involved, but it didnt start by itself. The dollar index closed at 84.73---up 66 basis points on the day---and massively in overbought territory. GOLD & SILVER STOCKS The gold stocks traded a tad lower for most of the New York session yesterday, but after the initial sell-off at 2 p.m. EDT, they had the audacity to rally into positive territory before the HFT boyz and their algorithms showed up---and it was all over, except for the crying, as the HUI closed down 2.45%. The silver stocks followed an identical pattern, but Nick Lairds Intraday Silver Sentiment Index closed down only 1.88%. The CME Daily Delivery Report showed that only 1 gold and 9 silver contracts were posted for delivery within the Comex-approved depositories on Friday. The CME Preliminary Report for the Wednesday trading session showed that there are 28 gold contracts still open in September, down 4 contracts from yesterdays report. In silver, there are 389 contracts still open, after 233 contracts were subtracted for the deliveries posted for today. There were no reported changes in GLD yesterday but, once again, there was another big deposit into SLV. This time an authorized participant added 959,072 troy ounces of the stuff. The good folks over at Switzerlands Zürcher Kantonalbank updated their website with the latest activity in their gold and silver ETFs---and theyre still going down. As of the week ending last Friday, their gold ETF shed another 7,507 troy ounces---and their silver ETF dropped by 99,636 troy ounces. United States Mint There was a tiny report from the U.S. Mint yesterday. They sold 3,000 troy ounces of gold eagles---and that was all. COMEX There was no in/out movement in gold over at the Comex-approved depositories on Tuesday. However, silver more than made up for it as 591,510 troy ounces were received---and an eye-watering 2,447,550 troy ounces were shipped out. The deposit was at CNT---and 90 percent of the withdrawal was from Brinks, Inc.. The in/out movement in Comex silver, along with the continued deposits into SLV are simply stunning---and its for good reason that Ted Butler cant figure out why more people arent talking about it, as this is big news. #gold #silver #platinum #palladium #preciousmetals #copper #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: Thu, 18 Sep 2014 16:31:07 +0000