¤ The WrapThe turnover, or movement of metal into and out from the Comex-approved silver warehouses continues to astound me in its intensity. This week, around 9 million silver ounces were either moved in or out, as total inventories rose by 600,000 oz to 177.1 million oz, another multi-decade high point. Given current circumstances, it is entirely natural to expect visible silver inventories to grow; what’s completely unnatural is for there to be such frantic two-way movement occurring in the visible silver inventories. This turnover in Comex silver stocks is something I first noticed almost three years ago and I find it incredible that the movement has continued unabated and is perhaps intensifying. It is peculiar to Comex silver but doesn’t get much attention generally. If it isn’t a sign of pronounced tightness in the wholesale physical silver market, then I am at a loss to explain it. - Silver Analyst Ted Butler: 18 January 2014 Except for the obvious price capping in gold at the open of trading on Sunday night in New York, there's not much to report as far as price activity on Monday. But, as Ted Butler pointed out on the phone yesterday, what yesterday's volume shows is that the lion's share of the trading is done by the New York banking fraternity---and with the U.S. shut tight, the volumes drop like a stone. The precious metal price market is always under the thumb of the U.S. based banks regardless of the time of day. All four precious metals were under a bit of price pressure during the Far East trading day on their Tuesday---and that really intensified the moment that London began to trade at 8 a.m. GMT. And as I hit the send button on today's missive at 5 a.m. EST, "da boyz" are hard at it, especially in gold and silver.
How the trading day develops from here I haven't a clue---but I'll have a better idea when I roll out of bed in a few hours, as I have a plane to catch. With the markets back to normal after the U.S. holiday, I'll be back to my regular routine on my home computer, instead of pounding away on my laptop for the last few days. See you tomorrow.