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Saturday, October 5: Today in Gold and Silver

NEW YORK ( TheStreet) -- The gold price traded in a tight five dollar range through all of Far East trading, and then right up until 12:30 p.m. in London.  During the next 30 minutes, the price got smacked for about ten bucks.  Then at 1 p.m. BST, which was 8 a.m. in New York, the price took off skyward like a homesick angel until about 10 minutes or so after the Comex open.  Then the not-for-profit sellers put in an appearance. That rally was the high of the day at $1,326.30 spot.  Then gold got sold down to its low of the day [$1,305.50 spot] shortly before 10:30 a.m. EDT.  After that it spent the rest of the New York session struggling to gain back a few dollars of its losses.

Gold finished the Friday session at $1,311.20 spot, down $5.50 from Thursday.  Net volume was pretty light at around 111,000 contracts.

It was more or less the same for silver, so I'll spare you the details.  The low of the day for silver [around $21.45 spot] came shortly after 1 p.m. in London.  The high tick came 30 minutes later in Comex trading, and Kitco recorded that as $22.02 spot.

After the 10:30 a.m. Comex low, silver also struggled higher into the 5:15 p.m. EDT electronic close.  Every rally attempt, no matter how tiny, got dealt with in the usual manner.

Silver managed to close in the plus column, but only by 4.5 cents, finishing the Friday session at $21.74 spot.  Net volume was only 28,500 contracts.

Here's the New York Spot Silver [Bid] chart on its own, so you can see the price action there in more detail.

The price action in both platinum and palladium was a derivative of the price action in both gold and silver.  Here are the charts, so you can check it out for yourself.

The dollar index closed in New York late Thursday afternoon at 79.73.  It's low of the day [79.69] came at 2:30 p.m. Hong Kong time.  The subsequent rally ran out of gas at 79.99 just before 8 a.m. in New York.  By 11:30 a.m. EDT, the index had declined by 10 points, but from there it rallied up to a hair over 80.15 before trading basically flat into the close.  The dollar index finished up 42 basis points at 80.15.

The gold stocks opened in the black, but got sold down into the red as gold hit its 10:30 a.m. low tick in New York.  They struggled back to almost unchanged during the next hour of trading, but never got a sniff of positive territory again for the remainder of the day.  The HUI closed down 0.45%.

It was the same chart pattern for silver stocks right up until the 10:30 a.m. low tick for that metal.  The subsequent rally off that low ended back in positive territory, and the silver equities stayed there right up until almost the end before closing down the smallest amount possible.  Nick Laird's Intraday Silver Sentiment Index closed down a miniscule 0.01%.

The CME's Daily Delivery Report showed that 84 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Tuesday, and it was all the usual crooks as issuers and stoppers.  The short/issuer on all 84 contracts was Canada's Bank of Nova Scotia.  HSBC USA stopped 59 contracts, and JPMorgan Chase stopped the rest.  The link to yesterday's Issuers and Stoppers Report is here.

There were no reported change in either GLD or SLV.

It's been mid-September since I'd heard from the folks over at Switzerland's Zürcher Kantonalbank.  But I finally received an e-mail update from them yesterday for Monday, September 30.  They reported small declines in both their gold and silver ETFs.  Their gold ETF declined by 17,176 troy ounces, and their silver ETF by 51,955 troy ounces.

The U.S. Mint had a tiny sales report yesterday, they sold 2,000 one-ounce 24K gold buffaloes, and that was all.

Over at the Comex-approved depositories on Thursday, they reported shipping out 35,808 troy ounces of the stuff for parts unknown.  All of it came out of the vaults over at HSBC USA.  The link to that activity is here.

In silver, these same depositories shipped out 385,368 troy ounces, and didn't report receiving any.  The link to that action is here.

With no Commitment of Traders Report or Bank Participation Report yesterday, this column is going to be a little on the skinny side.

I don't have a huge number of stories for you, and I hope you have enough time over what's left of your weekend to read everything of interest to you.

¤ The Wrap

The revenue to silver exporting countries is set by the same illicit pricing mechanism on the COMEX that is bedeviling silver investors, because the COMEX sets the price for silver worldwide, by means of HFT computer scams and JPMorgan’s short market corner. Mexico, Peru, Australia, Russia, Poland, Bolivia and Chile, among other silver exporting nations have been shortchanged by JPMorgan ever since the bank inherited its concentrated short position and market corner from Bear Stearns in 2008. Making it worse is that the US, as a big silver importer (net 150 million oz), has profited from the crooked pricing on the COMEX as a country , adding credence to the allegation from many that the US Government is involved in the manipulation. - Silver analyst Ted Butler, 02 October 2013

Today's pop "blast from the past," two actually, are from a British group that didn't stay together long enough to make it to the big time in North America, but their music was immensely popular back in the mid-1960s.  Two of their biggest hits are linked here and here.  I know I've posted these before, but it's been a couple of years.  Enjoy.

Today's classical "blast from the past" is another well-known symphonic work that sees a lot of air time in concert halls the world over, and is another one of those performances that recordings never really do justice to.  But this recording comes close.  It's Rimsky-Korsakov's masterpiece " Scheherazade: Op. 35", an orchestral suite he composed back in 1888.  This particular youtube.com video is recorded with High Definition picture quality, with an audio track to match.  So put it on full screen, turn up the audio, and then click here.

Another day, and another appearance by a not-for-profit seller the moment that prices spiked early yesterday morning in New York.  As I've said on numerous occasions, I wonder why JPMorgan et al don't just hire a brass band to march up and down Wall Street in advance of their engineered price declines as it's oh-so obvious, except to the willfully blind of course.

And I carefully noted that, once again, silver wasn't allowed to close over the $22 spot price mark, and it's 50-day moving average.  This makes 10 days in a row.  Here's the 30-day chart once again.

You have to wonder why the silver miners aren't up in arms about this obvious price rigging, along with the massive short-side corner that JPMorgan et al have had in the silver market since 2008.

One of the reasons is The Silver Institute.  It's always loaded with mining company executives and other members whose sole purpose is to make sure that these questions never get asked.

For instance; can you imagine any silver mining company executive vying for the job of President of that organization on the platform that he was going to get to the bottom of this JPMorgan price fixing scheme?  He wouldn't have a chance.  All presidents, current and past, sold out to the dark side of The Force years ago, or they would never have been asked to join, let alone serve.

Here's their list of their members just so you can see who is on the list of silver companies that are actively working against your best interests, and it's a depressing read.  I note that even the CME Group is a member.  All any one of the members has to do is ask the CME Group why they're allowing JPMorgan Chase to hold a short-side corner in the Comex futures market in silver for over 5 years.  But no one has obviously got the gonads to do that.

You couldn't make this stuff up.

I'm done for the day, and the week.

Before heading off to bed, I'd like to point out something that you're probably already aware of, and that's the pre-show promotion of the Casey Research 2013 Summit Audio Collection.  The Summit itself started yesterday and ends on Sunday, October 6.  The pre-show pricing will be valid until the product is ready to ship, which will be a few days after the show is over.  All you need to know about this offer is linked here, and there's no cost to you just to check it out, which I urge you to do.

See you on Tuesday.

This is an abbreviated version of Ed Steer's Gold & Silver Daily Sign-up to have to the complete market review delivered to your email inbox each morning for free.

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