20 November 2015 — Friday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price chopped quietly higher once trading began in New York on Wednesday evening. That rally got capped shortly before 11 a.m. Hong Kong time—and then got rolled over starting just over an hour before the London open. The low tick of the day came at precisely 8:30 a.m. EST—ten minutes after the COMEX open. The price didn’t do much until minutes after 9 a.m.—and then a rally of some substance began that got capped ten minutes after the equity market opened in New York. The high of the day came at 11:45 a.m. EST—and then it got sold down into the COMEX close. It then rallied quietly until 3 p.m. in electronic trading, before trading flat for the rest of the day.
The low and high ticks were recorded by the CME Group as $1,086.60 and $1,068.30 in the December contract.
Gold finished the Thursday session at $1,081.80 spot, up $11.80 from Wednesday’s close. Net volume was decent at 145,000 contracts—and roll-over volume was decent as well. One can only fantasize about what the closing price would have been if JPMorgan et al hadn’t stepped into the market when they did.
And here’s Brad Robertson’s 5-minute gold tick chart and, as always, all the volume that mattered occurred during the COMEX trading session, which is between 6:20 and 11:30 a.m. Denver time on this chart. The vertical gray line is midnight in New York, add two hours for EST—and don’t forget the ‘click to enlarge’ feature.
“Da boyz” painted a similar chart pattern in silver, so I shall dispense with the play-by-play on this precious metal.
The high and low tick were reported as $14.37 and $14.09 in the December contract.
Silver closed in New York yesterday at $14.285 spot, up 10.5 cents from Wednesday’s close. Net volume was slightly elevated at just over 35,000 contracts—and roll-overs out of the December contract were pretty decent as well.
Like gold and silver, platinum rallied until 10:45 a.m. Hong Kong time before the not-for-profit sellers and their algos showed up. The sell-off in this precious metal began about 10:20 a.m. Zurich Time—and the low tick came at 9 a.m. in New York. The subsequent rally last until 9:40 a.m.—just like in the other two precious metals—and except for a two hour/five dollar up/down move centered around noon EST, it traded flat into the close of electronic trading. Platinum finished the day at $854 spot, up 6 bucks from Wednesday.
The palladium price pattern was similar to platinum, with the only exception being the hammering it took starting at 8 a.m. EST, when “da boyz” smashed it to a new low for this move down—and that came minutes before 9 a.m. in New York, the same as in platinum. By the afternoon gold fix it had regained all of its earlier losses—and chopped sideways from there into the close. It finished the Thursday session at $540 spot, up 7 dollars on the day.
The dollar index closed late on Wednesday afternoon in New York at 99.55—and began to head south as soon as trading began at 6 p.m. EST in New York the same evening. It got ‘rescued’ a couple of times at the 99.10 level, both in Hong Kong and London trading, but rolled over hard at the COMEX open, with the 98.74 low tick coming around 11:35 a.m. in New York. It rallied back above the 99 mark by the COMEX close—and barely managed to stay there, closing at 99.00 right on the button—down 55 basis points from Wednesday.
Here’s the 6-month chart for the U.S. dollar index—and you can see that yesterday was not a good day for the dollar index—and it took those ‘gentle hands’ to prevent it from crashing once again. Looking at the chart, you can certainly tell it’s being well supported when necessary, just like the New York equity markets at times.
The gold stocks gapped up at the open—and then rallied to their highs of the day by about 10:45 a.m. After that they chopped more or less sideways, closing just off their highs. The HUI finished the day up 3.37 percent.
The silver equities traded in a more or less similar price pattern, except their highs came shortly before 12:30 p.m.—and they didn’t do a lot after that. Nick Laird’s Intraday Silver Sentiment Index closed higher by 3.22 percent.
The CME Daily Delivery Report showed that zero gold and 8 silver contracts were posted for delivery within the COMEX-approved depositories on Monday.
JPMorgan stopped another 48 copper contracts for its own account, plus another 11 contracts for its client account. I checked JPMorgan’s copper history so far this year—and not only are they big stoppers, they’re also big issuers as well, so it’s not like it’s a one-way street. But, as I’ve asked before, what is a bank doing in the commodities business?
The CME Preliminary Report for the Thursday session showed that November open interest in gold dropped by another 2 contracts, leaving 210 still open—and silver o.i. fell by 13 contracts, leaving 33 still around. I find that strange, since 43 silver contracts were posted for delivery in yesterday’s report—and they should have been subtracted out in this report, but weren’t. Now another 8 contracts have been added to the delivery process–and not enough contracts have been issued to cover them. I await today’s Preliminary Report with some interest.
There were no reported changes in GLD yesterday—and as of 5:49 p.m. EST yesterday afternoon, there were no reported changes in SLV.
Since yesterday was Thursday, Joshua Gibbons, the Guru of the SLV Bar List, update his website with the goings-on over at the iShares.com Internet site as of the close of trading on Wednesday—and this is what he had to report.
“Analysis of the 18 November 2015 bar list, and comparison to the previous week’s list. 3,575,806.6 troy ounces were added (all to Brinks London)—and no bars were added or had a serial number change.”
“The bars added were from: Kazakhmys (1.0M oz), Jiangxi Copper (0.9M oz), Solar Applied Materials (0.7M oz), Yunnan Copper (0.4M oz), and 8 others.”
“As of the time that the bar list was produced, it was overallocated 496.7 oz. All daily changes are reflected on the bar list.”
There was another sales report from the U.S. Mint, but it was posted so late in the day that I almost missed it. They sold another 14,000 troy ounces of gold eagles—and 25,000 silver eagles.
Sales of gold eagles in November so far are more than double what they were in all of October. It came to pass, as Ted Butler said, that once JPMorgan had engineered the gold price lower, they came in and bought everything in sight at the new lower price that they themselves engineered. How sweet a deal is that?
And it’s no stretch of the imagination to assume that if they are sold at some future date, it will be for enormous profits. I’ll stick my neck out here and say that the profit will be more than 100 percent. How much more than that is unknown. The same goes for all the silver eagles they’ve been buying as well.
There was no gold reported received over at the COMEX-approved depositories on Wednesday, but a chunky 161,014 troy ounces were shipped out the door. Of that amount 160,750.000 troy ounces were shipped out of the Eligible category of JPMorgan’s vault. That works out to exactly 5,000 kilobars of the stuff—and it’s an extremely safe bet to assume that those bars are China bound. The link to that activity is here.
There was nothing reported received in silver, either—but 1,011,335 troy ounces were shipped out—and 99.9 percent of that amount came out of Scotiabank’s vault. And not that it matters, but 204,341 troy ounces were shifted from the Registered category to the Eligible category over at the CNT Depository. The link to that action is here.
Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Wednesday, they reported receiving 1,512 of them, but shipped out 7,882. All of the activity was at the Brink’s, Inc. depository once again—and the link to that, in troy ounces, is here.
I only have a handful of stories today, as there’s not much in the way of ‘new’ news at the moment.
CRITICAL READS
It Is Different This Time: Now Comes the Global CapEx Depression — David Stockman
Caterpillar (CAT) posted a disastrous 16% decline in worldwide retail sales this morning, meaning that its sales have now fallen for 35 straight months. As Zero Hedge noted, not only did US retail sales finally rollover and drop by 8% compared to prior year, but the rest of the world was a veritable bath of yellow blood:
…….. sales elsewhere around the globe were a complete debacle: Asia/Pacific (mostly China) was down -28%, a dramatic drop from the -17% a month ago, EAME dropping -13%, and Latin America down -36%…
Needless to say, this is something new under the sun. CAT is the leading heavy capital goods supplier to the global construction and mining industries and has a long history of boom and bust.
But CAT’s past contains nothing like what is conveyed in the graph below. The current 35 month plunge in its global sales is now nearly twice as long as the downturn in sales during the Great Recession, which was itself a modern record.
This rather brief commentary [for him] appeared on his website on Thursday sometime—and I thank Roy Stephens for today’s first story.
Marc Faber: “As Global Economic Conditions Become Worse—Central Banks Will Print More Money”
Speaking to the macro picture, Marc noted that, “The global economy is not as the Federal Reserve and other groups [suggest]…in terms of accelerating on the upside, but actually…it’s in contracting mode.”
When asked of the implications of a contracting global economy on world equity markets, Marc pointed to an ongoing struggle between, “[Two] opposing forces. You have a weakening global economy which is bad for corporate profits…[and] the opposing force is that as global economic conditions become worse…[central banks] will have to print more money. Printing money is the only thing they know.”
“Anyone with halfway common sense,” Marc further argued, “Can understand that printing money does not create a rich and prosperous society. Otherwise, nobody would work and everybody would have a money-printing machine at home.”
This 19-minute video interview put in an appearance on the sprottglobal.com Internet site on Wednesday—and there’s also a complete transcript as well. It’s worth your time if you have it.
House passes bill calling for rule-based monetary policy
The U.S. House of Representatives on Thursday approved a bill that would make the Federal Reserve set interest rate policy using a mathematical rule, a proposal that has little chance of becoming law given a White House veto threat.
The House approved the Fed Oversight Reform and Modernization Act in a 241 to 185 vote thanks to overwhelming Republican support.
The bill is a sign of the deep suspicion many Republican lawmakers hold against the U.S. central bank, which played a major role in America’s policy response to fight the 2007-09 recession.
This Reuters article, filed from Washington, showed up on their website at 12:33 p.m. on Thursday afternoon EDT—and it’s something I found on the gata.org Internet site.
CME Group uses political clout to guard lucrative monopoly on futures exchanges
Terry Duffy is wearing a dark suit, a Movember moustache-beard combination and gold cufflinks shaped in the octagonal logo of his company, CME Group. He sits back in his office beside the Chicago river and glances at framed snapshots on some shelves: his twin sons, the actor Mark Wahlberg, three former US presidents, a grinning Hillary Clinton and himself.
“I’ve been blessed to know a lot of interesting people and become friends with them. I think they like my no-nonsense attitude. I don’t bullshit people,” he says.
Mr Duffy’s blunt manner and deep understanding of Washington politics have helped CME emerge from the financial crisis as one of the most lucrative U.S. businesses. As Wall Street banks scale back, the world’s biggest exchange group racks up operating margins of 60 per cent. This ranks CME among the three most profitable members of the S&P 500 index, alongside Visa, the card network, and Gilead Sciences with its $1,000-a-day hepatitis pill.
But the Chicago colossus also faces challenges to its business model. As its wealth grows, the brokers and traders on whom CME depends for liquidity are chafing under cost pressures. The Obama administration wants a cut of its transaction revenue to boost the budget of the groups main regulator, the Commodity Futures Trading Commission. The clout of Mr Duffy, CME’s 57-year-old executive chairman and president, whose flattering emails to Mrs Clinton were recently released by the State Department, is being put to the test.
According to Ted Butler—and I agree—the CME Group is a crooked organization. The above four must read paragraphs of this Financial Times news item are all that are posted in the clear. The rest is behind a subscription wall. It’s the second item in a row that I found embedded in a GATA release.
This How the Next Global Financial Meltdown Will Unfold? — Charles Hugh Smith
In effect, a currency crisis is simply the abrupt revaluation of the currency to reflect new realities.
I have long maintained that the structural imbalances of debt and risk that triggered the Global Financial Meltdown of 2008-2009 have effectively been transferred to the foreign exchange (FX) markets.
This creates a problem for the central banks that have orchestrated the “recovery” by goosing asset bubbles in stocks, real estate and bonds: unlike these markets, the currency-FX market is too big for even the Federal Reserve to manipulate for long.
The FX market trades roughly the entire Fed balance sheet of $4.5 trillion every day or two.
Currencies are in the midst of multi-year revaluations that will destabilize the tottering towers of debt, leverage and risk that have propped up global growth since 2009.
This commentary appeared on his oftwominds.com Internet site this morning Hong Kong time—and I thank reader U.D. for passing it around late last night Denver time.
Belgravia Mansion Sales Slump as Russians Vanish From London
Home sales in Belgravia, the London district favored by Russian oligarchs for its large Regency-style houses, are slumping after the collapse of the ruble against the pound.
Transactions dropped 25 percent in the neighborhood in the 10 months through October from a year earlier, compared with a decline of almost 20 percent in the rest of central London’s best districts, according to researcher Lonres. The ruble has fallen 26 percent in the past year against the U.K. currency amid international sanctions over Ukraine and the collapse of oil prices.
The share of Russian buyers in the prime central London market is down due largely to the currency weakness and difficulty in getting money out of the country,” said Charles McDowell, who advises wealthy clients on buying luxury homes in London. “This has affected Belgravia and Knightsbridge in particular, which is very much the Russian heartland.”
Sales of luxury homes in the capital have also been damped by an increase in the stamp duty sales tax and falling commodity values. That’s prompted broker W.A. Ellis LLP to warn that “the bubble may already have burst” for the most expensive properties.
This Bloomberg news item, via Zero Hedge, appeared on their Internet site at 4:08 a.m. Denver time on Thursday morning—and the first reader through the door with it was Brad Robertson.
Finland’s depression is the final indictment of Europe’s monetary union
Finland is sliding deeper into economic depression, a prime exhibit of currency failure and an even more unsettling saga for theoretical defenders of the euro than the crucifixion of Greece.
A full six-and-a-half years into the current global expansion, Finland’s GDP is 6pc below its previous peak. It is suffering a deeper and more protracted slump than the post-Soviet crash of the early 1990s, or the Great Depression of the 1930s.
Nobody can accuse Finland of being spendthrift, or undisciplined, or technologically backward, or corrupt, or captive of an entrenched oligarchy, the sort of accusations levelled against the Greco-Latins.
The country’s public debt is 62pc of GDP, lower than in Germany. Finland has long been held up as the EMU poster child of austerity, grit, and super-flexibility, the one member of the periphery that supposedly did its homework before joining monetary union and could therefore roll with the punches.
This absolute must read Ambrose Evans-Pritchard offering was posted on the telegraph.co.uk Internet site at 9:27 p.m. GMT on their Wednesday evening—and I thank Richard Saler for bringing it to my attention—and now to yours.
Europe is sliding towards the abyss, and the terrorists know it
Terrorism is defined by the US State Department as “premeditated, politically motivated violence perpetrated against non-combatant targets by sub-national groups or clandestine agents, usually intended to influence an audience”. The atrocities in Paris at the weekend conform to every one of those characteristics.
All terrorist acts also have the same purpose – to trigger a response and to spread fear. The first of these reactions is already well under way, not just in France – which is scrapping compliance with the European Union’s fiscal compact so as to step up spending on security and defence – but across Europe, Russia and even the US. More concerted international and military action to eradicate Isil now seems highly likely. Politically and fiscally, security has overnight become the number one priority.
Even in Britain, where the Government is about to announce deep departmental spending cuts, there is all of a sudden no shortage of money for combating cyber terrorism. Spending on the police has been cut by 14pc in real terms in England and Wales over the past five years. These cuts may now have to be reversed, with more bobbies on the beat. The same will also be true of the military, where £2bn of extra spending on special forces, drones and fighter aircraft has already been pledged. The Chancellor’s fiscal consolidation plan may soon be unravelling before his eyes.
The second objective – fear – is a much harder thing to measure, at least in terms of economic impact. In a 2011 study, the US economists Gary Becker and Yona Rubinstein found that the fear factor will generally have behavioural effects out of all proportion to the likelihood of actually being caught up in such an event.
This commentary by Jeremy Warner showed up on The Telegraph‘s website on Tuesday evening GMT—and I found it posted on Mark O’Byrne’s website, goldcore.com yesterday.
Europe Lacks Strategy to Tackle Crisis, but Migrants March On
Europe’s failure to fashion even the beginnings of a unified solution to the migrant crisis is intensifying confusion and desperation all along the multi-continent trail and breeding animosity among nations extending back to the Middle East.
With the volume of people leaving Syria, Afghanistan and other countries showing no signs of ebbing, the lack of governmental leadership has left thousands of individuals and families on their own and reacting day by day to changing circumstances and conflicting messages, most recently on Thursday when crowds that had been trying to enter Hungary through Serbia diverted to Croatia in search of a new route to Germany.
Despite the chaos, there were few signs that European Union leaders, or the governments of other countries along the human river of people flowing from war and poverty, were close to imposing any order or even talking seriously about harmonizing their approaches and messages to the migrants. Instead, countries continue to improvise their responses, as Croatia did Thursday, and Slovenia — the next stop along the rerouted trail — is likely to do in coming days.
This New York Times article, filed from Budapest, showed up on their Internet site yesterday sometime—and I thank Patricia Caulfield for finding it for us.
4,000 coins found in Roman treasure trove in Swiss orchard
A trove of more than 4,000 bronze and silver coins dating back to ancient Rome, uncovered this summer in the orchard of a fruit and vegetable farmer, has been described as one of the biggest treasures of this kind found in Switzerland.
The huge hoard of coins, buried about 1,700 years ago and weighing 15kg (33lb), was discovered in Ueken, in Switzerland’s northern canton of Aargau, after the farmer spotted some shimmering green coins on a molehill in his cherry orchard.
He guessed the coins were Roman, following an archaeological discovery a few months earlier, of remains of an early Roman settlement in the nearby town of Frick. He contacted the regional archaeological service , which later labelled it one of the largest such finds for Switzerland.
This very interesting story appeared on theguardian.com Internet site at 6 p.m. GMT on their Thursday evening, which was 1 p.m. in New York—EST plus 5 hours. It’s something else I found on the Sharps Pixley website.
Platinum Set for Shortage Next Year as Palladium Deficit Narrows
Platinum demand will probably beat supply for a fifth year in 2016 on more industrial usage, even as recycling rebounds, according to Johnson Matthey Plc. Palladium’s deficit may narrow.
Automakers will buy more platinum to use in devices that curb harmful emissions from vehicles, though the growth rate will be slower than in the last two years, the London-based company said in a report. While slumping platinum and steel prices have reduced the incentive to scrap older cars this year, there may be a “double-digit” increase in the amount of metal recycled from vehicles in 2016, it said.
Even after years of deficits, prices are at the lowest since 2008 amid ample supplies of stored metal. This year’s shortage probably narrowed 35 percent after output rebounded following a five-month mine strike in top producer South Africa in 2014, the trader and researcher estimates. The increase in supply outweighed a 1.2 percent gain in demand.
“Assuming that increased recovery of platinum from scrapped vehicles is balanced by growth in autocatalysts and industrial demand, this would leave the market in deficit,” Johnson Matthey said in the report. “There is little prospect of material growth in primary platinum supplies in 2016.”
I’m sure that if platinum mining ceased tomorrow, that fact wouldn’t be allowed to show up in the price as long as JPMorgan et al and their algorithms were lurking about. This Bloomberg new item, probably filed from London, was posted on their website at 7:00 a.m. MST on Wednesday morning—and I found it on the Sharps Pixley website as well last night.
India’s gold deposit scheme attracts only 400 grams so far
A gold deposit scheme launched amid fanfare by Indian Prime Minister Narendra Modi two weeks ago has so far attracted only 400 grams, an industry official said on Thursday, out of a national hoard estimated at 20,000 tonnes.
Modi has urged Indians to put gold stashed in homes and temples in the bank, offering modest rates of interest that earlier schemes have lacked. His government has also launched “paper” gold in the form of gold-backed bonds.
A shortage of centers to assay the gold being put on deposit is a problem that the government has agreed to address, said Anil Sankhwal, the northern regional chairman of India’s Gem and Jewellery Export Promotion Council.
“Only 400 grams have been deposited so far,” Sankhwal told reporters after meeting financial ministry officials. “The government has agreed to review the scheme and open more centres for gold testing and depositing in banks.”
No surprises here. This Reuters article, filed from New Delhi, put in an appearance on their Internet site at 4:42 a.m. yesterday morning EST—and it’s a gold-related story that I found on the gata.org Internet site yesterday.
Biggest Diamond in More Than a Century Unearthed in Botswana
An 1,111 carat gem-quality diamond, second in size only to the Cullinan diamond cut into the British Crown jewels, has been unearthed by Lucara Diamond Corp. in Botswana.
The Type-IIa stone, just smaller than a tennis ball, is the largest diamond discovery for more than 100 years, according to Vancouver-based Lucara. It was recovered by machines at the south lobe of Karowe mine in central Botswana, the company said in a statement.
“We’ve always thought very highly of our resource,” William Lamb, chief executive officer of Lucara, said on a call with investors Thursday. “You’d have to be a very brave person to predict a stone like this.”
Lucara’s Karowe mine in Botswana is rivaling Gem Diamonds Ltd.’s Letseng operation in Lesotho as a source of the world’s biggest and best stones. Gem Diamonds previously held the record for the largest discovered this century with the 603-carat Lesotho Promise.
Well, dear reader, as a piece of pure carbon, I’m impressed all to hell. One wonders how long they’ll study it before deciding how to maximize its value. I was allowed to watch the process from rough stone to polished gem when I was in Johannesburg many decades ago—and it’s amazing. You can learn more about it by clicking here. West Virginia reader Elliot Simon was the first person through the door with this Bloomberg story yesterday. The photo alone is worth the trip, but the ‘click to enlarge’ feature didn’t work for me. U.K. reader Tariq Khan sent me The Telegraph version of this story—and the photos in it are much better—and the link to that version of the story is here.
The PHOTOS and the FUNNIES
The WRAP
It has now been 15 trading days, or three full weeks in which silver and gold prices have declined and established new price lows. In essence, the sharpest and most scripted price decline in history. Not the largest decline, to be sure, but certainly the most orchestrated. I don’t believe such a thing could happen without causation—and if that causation could possibly be traced to anything other than deliberate COMEX positioning, then that would be obvious. That’s not the case.
And it’s not just COMEX silver and gold prices that have been scripted, as there has been an eerily-similar three week drop in platinum, palladium and copper (and, to a lesser extent in crude oil). That’s 5 or 6 commodities with strikingly different actual supply/demand characteristics all moving with a price unison worthy of the Joffrey Ballet. I have to tell you that I look on with amazement how this pattern is not commented on by those who purport to follow the markets.
In fact, so convinced am I that this three week decline was deliberately engineered (by the commercials and JPM) that this might be the clearest indication that the next move up will be the big move up. This rigged down move was so deliberate and blatant that it has taken on an aura of an urgency to get the job done quickly because something is brewing – like the end of the silver manipulation. As I’ve indicated previously, I am as ‘all in’ on silver as I have ever been—and lower prices from here only creates an even bigger cake of baked-in buying from the technical funds. — Silver analyst Ted Butler: 18 November 2015
Of the Big 6 commodities, only palladium and copper had new intraday low ticks set for them by JPMorgan et al. But as the Kitco charts show in the first section, it’s obvious that the precious metals wanted to fly yesterday, particularly gold and silver—and would have, if allowed to do so.
Although volumes were heavier, in gold in particular, any moving average that means much to the technical funds, are miles above yesterday’s current intraday or closing prices, so little damage was done to the Commercial net short positions of either gold or silver on Thursday. I didn’t get a chance to talk to Ted yesterday, but would think that he would have said something similar, as that’s his usual answer when we get a small rally off the [hopefully] low tick of an engineered price decline.
Here are the 6-month charts for all of the Big 6 commodities—and for this set, I’ve substituted the 200-day moving average with the 20-day moving averages, so these charts show both the 20 and 50-day moving averages. Various Managed Money traders use [according to Ted] different moving averages, including the 9-day, 13-day, etc.—but other than the crucial 50-day moving average, the 20-day moving average is important as well.
And as I type this paragraph, the London open is less than ten minutes away—and I see that all four precious metals rallied a bit in Far East trading on their Friday. Both gold and silver got rolled over around 3 p.m. Hong Kong time—and are now down a bit on the day. The rallies in platinum and palladium were far more robust, but they too were rolled over about the same time—and at the moment both are still up about five bucks from Thursday’s close in New York.
Net HFT gold volume is sitting at 19,500 contracts—and in silver that number is 4,200 contracts. Roll-over volume out of the December contract in gold is barely moving the needle, but in silver it’s pretty decent already.
The dollar index rallied and then gave back the 10 basis points it gained by 2 p.m. Hong Kong time in Far East trading—and then in the next hour gained 20 basis points—and that’s how much it’s up as London opens.
Today we get the latest and greatest Commitment of Traders Report for positions held at the close of COMEX trading on Tuesday. Both Ted and I are expecting big things from this report—and I know that Ted will be examining it carefully for confirmation of numbers he discussed in his Wednesday commentary about this past Monday’s COT Report—which I just didn’t have the room to post, as his explanations were just too long and involved to steal.
And as I post today’s missive on the website at 3:55 a.m. EST, I note that all four precious metals are a hair lower than they were an hour ago when I reported on them last. Net HFT gold volume is just under 24,000 contracts—and silver’s net volume is 5,600 contracts. Roll-over activity in both metals hasn’t changed much. The dollar index is on a bit of a rampage—and is now up 44 basis points from its New York close late yesterday afternoon. I presume that ‘explains’ the weakness in the precious metals at the moment.
Today is a Friday—and always a wild card as far as prices are concerned. I have no expectations of much price movement during the remainder of the day now that we appear to be at, or very close to the bottom of these engineered price declines in the Big 6 commodities—but you just never know.
That’s all I have for today. Enjoy your weekend—and I’ll see you here on Saturday sometime.
Ed
The post India’s Gold Deposit Scheme Attracts Only 400 Grams So Far appeared first on Ed Steer.