Sponsor Advertisement Here’s the New York Spot Gold [Bid] chart, so you can see the precise timing of the 2 p.m. EDT sell-off by ‘da boyz’. This precision extended into the New York Spot Silver [Bid] chart as well. Platinum traded flat until the Zurich open—and then it got sold off gently to its 3:30 p.m. [or thereabouts] low. After that it gained a few dollars into the close. Platinum got closed down another 12 bucks. Try as I may, I just can’t get the number of stories down to a manageable size, so I always have to wimp out and get you to edit it for me. Today’s list is no exception. I’m scratching my head at Monday’s 3 million oz deposit into the big silver ETF, SLV, following a 4 million oz deposit in the previous week. Trading volume in SLV has been light and price action rotten, not the ingredients for the 7 million oz deposits being due to plain vanilla investment buying. The only plausible alternative explanation is that then deposits are intended to reduce the short position in SLV, last reported at 17.37 million as of July 30, although only the first 4 million oz deposit occurred before the next report on August 26. At least the combined 7 million oz deposit is within the confines of reducing a 17 million oz total short position. If the deposits are not intended to reduce the short position, then I am at a loss to explain why they occurred. – Silver analyst Ted Butler: 20 August 2014 JPMorgan et al took another small slice off the golden salami yesterday—and although silver set a new low for this move down, it was only by a penny or so, so there wasn’t much in the way of technical fund long liquidation in the ‘Manged Money’ category. Once again, volumes were low in both metals. Here are the 6-month charts for gold and silver once again. It was the same for palladium, although the sell-off at the Zurich open was a bit more intense. The decline ended just before lunch in New York—and after that it traded flat, but lost another 14 dollars—and is now down twenty-five bucks off its Monday high. The dollar index closed late on Tuesday afternoon in New York at 81.87. Once it opened for trading again it traded flat until about 9:30 a.m. Hong Kong time. After that it rallied quietly up until 2 p.m. EDT yesterday, then it jumped not quite 20 basis points in just a few minutes—and after that it didn’t do much into the close. The index finished the Wednesday session at 82.25—up a chunky 38 basis points. The action at 2 p.m. appeared to be another ‘ramp the dollar index/sell the precious metals’ moment—just like what happened at the Comex open on Tuesday. First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates five producing silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine, the La Guitarra Silver Mine, and the Del Toro Silver Mine. Production from these five mines is anticipated to be between 12.70 to 13.35 million ounces of pure silver or 14.85 to 15.60 million ounces of silver equivalents in 2014. Please visit our website for more information. The silver equities chart looked the same—and the precision of the 2 p.m. EDT sell-off is to be marveled at. Nick Laird’s Intraday Silver Sentiment Index closed basically unchanged as well, down only 0.07%.
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