¤ YESTERDAY IN GOLD & SILVER
The gold price traded sideways until 11:00 a.m. in London on their Thursday morning. At that point a seller emerged...and by the 1:30 p.m. Eastern time Comex close, the price was down a bit more than ten bucks from Wednesday...and back under the $1,600 spot price mark once again. After that, the price rose a couple of bucks off its low price tick of the day [$1,593.10 spot] which came at exactly 1:00 p.m. Eastern time.
Gold closed at $1,596.50 spot...down $8.90 on the day. Net volume was around 129,000 contracts.
The chart pattern in silver was more or less the same. The two smallish rally attempts during the New York session weren't allowed to get far...and the 12:35 p.m. Eastern time low tick was recorded by Kitco as $28.14 spot.
The rally off the low wasn't allowed to get far, either...and silver finished the Thursday trading session at $28.36 spot...down 33 cents from Wednesday's close. Gross volume was around 42,500 contracts.
The dollar index opened at 83.18 in Far East trading yesterday...and then chopped lower until it hit its nadir just before lunch in New York. From that low...82.84...the index rallied a bit into the close...finishing the Thursday session at 83.00 right on the button...and down 18 basis points from yesterday.
For the umpteenth day in a row, there was no correlation between the currency moves and the precious metal price action.
The gold stocks gapped down about a percent at the open...and then traded more or less sideways, before developing a slightly positive bias from there...cutting its losses on the day. The HUI closed down 0.32%.
Despite the drop in price, there were quite a few green arrows amongst the silver stocks that I own/track. However, none of the ones that make up Nick Laird'sIntraday Silver Sentiment Index were included in that list...and it closed down 1.57%.
(Click on image to enlarge)
The CME's Daily Delivery Report for 'Day 2' of the April delivery month in gold showed that 638 gold and zero silver contracts were posted for delivery on Tuesday, April 2nd. The tallest hog at the trough in the short/issuer category was JPMorgan Chase with 129 contracts issued from its client account...and another 367 contracts from its in house [proprietary] trading account. The only three long/stoppers of note were HSBC USA, Canada's Bank of Nova Scotia...and ; with 244, 209 and 155 contracts respectively. Besides JPM, there were a couple of dozen other entities listed as short/issuers yesterday...and the list is worth looking over. The link to yesterday'sIssuers and Stoppers Report is here.
There were no reported changes in either GLD or SLV yesterday.
Joshua Gibbons, the Guru of the SLV Bar List, updated his website with in/out flows for the week ending Wednesday, March 27th..."Analysis of the 27 March 2013 bar list, and comparison to the previous week's list...3,382,697.3 oz. were added (all to Brinks London), 4,832,420.7 oz. were removed (all from Brinks London A), and no bars had a serial number change." You can read the rest of the details here.
Over at Switzerland's Zürcher Kantonalbank for the period ending March 26th, they reported that their gold ETF declined by 13,706 troy ounces, but their silver ETF went in the opposite direction, gaining 48,001 troy ounces.
There was no sales report from the U.S. Mint. I'm assuming that Good Friday is a holiday in the U.S...so the current sales figures from the mint should be the final ones for March. For the month, they reported selling 62,000 ounces of gold eagles...11,000 one-ounce 24K gold buffaloes...and a whopping 3,356,500 silver eagles. Based on these numbers, the silver/gold sales ratio for March was a hair under 46 to 1.
Year-to-date [first quarter] the silver/gold sales ratio computes out at almost 37 to 1. That's based on 292,500 troy ounces of gold eagles...95,000 one-ounce 24K gold buffaloes...and an incredible 14,223,000 silver eagles. I sure do hope that you're getting your share.
Over at the Comex-approved depositories on Wednesday, they didn't receive any silver...and shipped 601,216 troy ounces of the stuff out the door. The link to that activity is here.
While on the subject of Comex silver, here's a 20 plus-year chart of Comex silver stocks that Nick Laird was kind enough to provide last night.
(Click on image to enlarge)
Here are some more neat photos that have been sent my way in the last couple of days that I thought worth sharing.
I'm back on my home computer after being out of town for five days. While I was away, I discovered that this weekend is Easter, so I'm making the assumption that today is a holiday. That being the case, I'll treat today's column like it was Saturday, as I probably won't have one on that day. According to Ted Butler, the Commitment of Traders Report will be posted on the CFTC's website today...holiday or not. If that's the case, my commentary on it will have to wait until Tuesday's column.