NEW YORK (
TheStreet) -- The gold price rallied sharply at the 6 p.m. Sunday evening open in New York---and ran into short sellers of last resort almost immediately. Volume wasn't overly heavy, but it was enough to do the job. From there the price didn't do much until the
8 a.m. BST London open---and then got sold down to its low of the day, which came at
8:30 a.m. in New York, 10 minutes after the Comex open. The subsequent rally got capped shortly before the London close---11 a.m. EDT---and from there got sold down $5 before trading sideways starting at
noon in New York.
The CME recorded the low and high ticks as $1,318.70 and $1,331.40 in the June contract.
Gold finished the Monday session in New York at $1,326.60 spot. up $8.20 on the day. Net volume was around 106,000 contracts, which was about 5,000 more than Friday's volume---and pretty light.
It was more or less the same chart pattern in silver, except for the fact that it got sold down once London began to trade---and looking at the chart pattern on the decline, it appears that the technical funds were doing some shorting, which added to the size of the price decline. The low was in at the noon silver fix---and from there the price was allowed to rally back to the $20 spot price mark---and that as it for the day, as every rally back over that price got firmly put in its place.
The low and high ticks were $19.735 and $20.11 in the June Contract.
Silver closed in New York at $19.965 spot, up half a cent. Net volume was 25,500 contracts, which is on the lighter side.
Here's the New York Spot Silver [Bid] chart on its own, so you can see how carefully the silver price was managed around the $20 price mark in the Comex session.
After their initial rallies at the New York open on Sunday evening, neither platinum and palladium were allowed to get far after that. Here are the charts.
The dollar index closed late Friday afternoon at 79.49---and spiked down to 79.42 immediately, before heading north seconds later, settling out at 79.62. From there it didn't do much until about 20 minutes after London opened. The subsequent rally took the index up to 79.82 before it fell back a bit into the close. The dollar index finished at 79.76---up 27 basis points on the day.
The gold stocks gapped up about 2% at the open---and hit their high tick the same time as the gold price did, shortly before the London close. They hung on to most of these gains until shortly before 3 p.m. EDT---but then got sold down about 1% going into the New York close. The HUI finished up 1.49%---the exact same amount it lost on Friday.
The silver equities put in a similar performance, but Nick Laird's Intraday Silver Sentiment Index only closed up 1.20---which isn't bad considering that the metal itself closed flat on the day.
I forgot to "fill in the blanks" for Friday's CME Daily Delivery Report. I have the paragraph typed before the CME posts the numbers on their website around 10 p.m. EDT---but then put "x"s where the actual numbers are supposed to go---and then fill them in when I edit the column, or sooner if I remember. The editor missed that---and he ensures that he'll be more careful next time.
Anyway, the Friday numbers were nothing to write home about, as only three gold and two silver contracts were posted for delivery within the Comex-approved depositories on Tuesday, so you didn't miss much.
The CME's Daily Delivery Report for yesterday showed that 45 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. Jefferies was the short/issuer on all 45 contracts---and JPM and Canada's Scotiabank stopped 38 of them. The link to yesterday's Issuers and Stoppers Report is here.
An authorized participant added gold to GLD yesterday---57,801 troy ounces to be exact. And as of 6:47 p.m. EDT yesterday evening, there were no reported changes in SLV.
Since yesterday was a Monday, there was a decent sales report from the U.S. Mint. They sold 5,500 troy ounces of gold eagles---and 752,500 silver eagles.
There was a pretty decent deposit in gold over at the Comex-approved depositories on Friday, as 158,397 troy ounces were reported received. About a tonne went into HSBC USA---and the balance was taken by Canada's Scotiabank. Nothing was shipped out. The link to Friday's activity is here.
It was another decent in/out day in silver as well. 597,216 troy ounces were reported received---and 607,136 troy ounces were shipped out. The link to that action is here.
Yesterday, reader "T.B." sent me the information below about 1-ounce gold coin holdings at the Permanent Fund---and I thought it worth sharing.
Here's a chart of the almost-18-year-old Ukrainian
hryvnia [the national currency] vs. the U.S. dollar over the last six months---a graph that I shamelessly stole from an email that Casey Research's Bud Conrad sent around yesterday. One would suspect that it's only a matter of time before the U.S. dollar chart is similarly configured.
I have a lot of stories today---and the final edit is yours.
¤ The Wrap
Up until very recently, the raptors and JPMorgan and the other big concentrated silver shorts generally worked the same side of the street, but with different agendas. Usually it was the raptors and the big shorts aligned against and milking the technical funds; the raptors for pure profit, the big shorts in order to contain the price first, with profits a secondary objective. That meant that the raptors and JPM and the other big silver shorts all bought and sold in harmony. These past four or five weeks have featured a very different pattern with the raptors buying big and JPM and the other big shorts actually selling pretty heavy. I don’t think I’ve ever seen the raptors adding long contracts while JPM and the others added shorts. - Silver analyst Ted Butler: 12 April 2014
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