NEW YORK ( TheStreet) -- Note: Starting tomorrow, I'll be at the Vancouver Resource Investment Conference until Monday night. I will make every attempt to file all my columns on time, but it can't be guaranteed. The other thing to note is that they will be a short as I can possibly make them. I hope you understand, as I have other fish to fry while I'm there. Ed
There isn't much to report about yesterday's action. The gold price chopped quietly lower right from the New York open on Tuesday evening, with the low tick coming about 9:20 a.m. EST. The subsequent rally lasted until about 11:10 EST---and after that, the gold price didn't do much.
The high and lows ticks, such as they are, were reported by the CME as $1,244.60 and $1,233.50 in the February contract.Gold closed in New York on Wednesday at $1,242.00 spot, down three bucks from Tuesday's close. Net volume was pretty light at only 91,000 contracts or so. The chart pattern in silver was more or less the same as gold's. The only difference worth noting was that it appeared that the low price tick came just after 9:30 a.m. GMT in London---and not around 9:30 a.m. EST in New York. The high and low in silver was $20.27 and $19.905 in the March contract. Silver finished the day at $20.20 spot, down 5.5 cents from Tuesday's close. Volume, net of January and February, was a subdued 29,500 contracts. There were similar looking rallies in platinum and palladium as well. It appeared that palladium really wanted to make a serious move, but it also appeared as if there was a not-for-profit seller standing by to make sure that the price didn't suffer from too much "irrational exuberance". Here are the charts. The dollar index closed 80.67 late on Tuesday evening in New York---and then began to rally starting at 9 a.m. Hong Kong time on their Wednesday morning. The rally topped out at precisely 9 a.m. EST in New York---and then faded a hair into the close. The index finished the Wednesday session at 81.03, which was up 36 basis points on the day. The stocks gapped down a bit over a percent at the open, but didn't take long to rally back into positive territory. Most of the gains were in by 11:30 a.m. EST---and the HUI chopped sideways in a tight range for the remainder of the Wednesday session, finishing up 1.13%. The silver equities follows a similar price path---and Nick Laird's Intraday Silver Sentiment Index closed up 1.95%. The CME Daily Delivery Report for Wednesday showed that zero gold and 8 silver contracts were posted for delivery within the Comex-approved depositories on Friday. There were no reported withdrawals in GLD---and as of 9:45 p.m. EST yesterday evening, there were no reported withdrawals from SLV. The U.S. Mint had a tiny sales report yesterday. They sold 2,000 ounces of gold eagles and 28,500 silver eagles. Over at the Comex-approved depositories on Tuesday, they reported that 89,756 troy ounces of gold were transferred out of Brink's, Inc.---and directly into JPMorgan's warehouse. The link to that activity is here. As always, the big in/out activity was in silver. They reported receiving 478,438 troy ounces of the stuff---and shipped out 575,836 troy ounces. Of the amount reported received---475,440 troy ounces disappeared into JPMorgan's warehouse. The link to that action is here. Just as a point of interest, the next deposit of silver into the JPMorgan warehouse will move them into top spot [ahead of HSBC USA] with the largest physical silver inventory of the six Comex-approved depositories. That's quite a feat considering the fact that on April 30, 2011---the day before the infamous drive-by shooting in silver---they didn't have one single troy ounce in their warehouse, either for themselves or their clients. And as I've said before on a number of occasions, that can't be a coincidence. I have the usual number of stories for a mid-week column, so I hope you find some of the ones posted below to be of interest.