The gold price didn't do much in Far East trading on their Tuesday, but was up a couple of bucks going into the 8 a.m. GMT London open. At that point it popped for a few more dollars---and then climbed to its high of the day which came at the 8:20 a.m. EDT Comex open---and then down it went, hitting its New York low about a minute before London closed for the day. From there, the gold price recovered about ten bucks of its loses by the Comex close---and traded quietly sideways into the close of electronic trading.
The CME Group recorded the low and high ticks as $1,337.80 and $1,353.00 in the April contract.
Gold closed in New York yesterday at $1,349.50 spot, up $9.70 from Monday's close. Net volume was around 123,000 contracts, which was about 25% more volume than on Monday.
Silver followed a very similar price pattern to gold, with the sellers of last resort also showing up at the Comex open as well.
The low and high ticks were recorded as $20.67 and $21.325 in the May contract, an intraday move of more than 3%.
Silver finished the New York trading session at $20.885 spot, up a nickel on the day.
The rallies in both platinum and palladium lasted until 10 a.m. EDT yesterday before the not-for-profit sellers showed up there as well. Then minutes before the London close, the HFT boyz did their thing in these two metals as well---and that, as they say, was that. Both metals recovered a bit, but not by much. Here are the charts.
It should be obvious to anyone except the willfully blind, that all four precious metals would have finished materially higher if allowed to trade freely during the Comex session yesterday, which they obviously weren't.
Copper was under the gun again yesterday for the third day in a row---the worst 3-day thrashing the metal has ever had. Here's the 1-year chart.
"Copper slumped to its lowest level in nearly four years, with May futures off 2.5 percent to $2.9520 a pound and now down 8 percent in three sessions. China is responsible for 40 percent of the world's copper imports." is a paragraph out of a copper story posted on the CNBC website yesterday that reader M.A. sent our way.
Ted Butler thinks that the Commercial traders [JPMorgan et al] took the opportunity with the news coming out of China to drive the technical funds into going mega-short the copper market---and as you can see from the chart, this is certainly the case, as the copper market is now more technically oversold than it has been in over three years.
The dollar index closed in New York late on Monday afternoon at 79.75---and traded fairly flat until about 7 a.m. GMT in London. Then it rallied to its 79.96 high minutes after 11 a.m. GMT. From there it headed south, hitting its absolute low of the day of 79.72 around 2:20 p.m. in New York. Then it gained back a handful of basis points into the close. The index finished on Tuesday afternoon at 79.79---down 4 basis points from Monday's close. Nothing much to see here, except to note that the index failed at the 80.00 mark on its weak rally attempt.
The gold stocks popped about a percent and change at the open of the equity markets in New York, but began to fade almost immediately, hitting their low at the 12 p.m. EDT London close. From there they bounced along the bottom for most of the remainder of the trading session, despite the fact that gold had rallied well off its low tick. But they managed to catch a bid in the last few minutes, as the HUI finished up 0.56%.
The silver stocks also jumped up about the same amount as the gold stocks within 10 minutes of the New York open, but it was pretty much down hill for the remainder of the day from that point---and Nick Laird's Intraday Silver Sentiment Index closed down 0.96%.
The CME's Daily Delivery Report showed that 2 gold and 114 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. In silver, the two biggest short/issuers were Barclays and Jefferies with 61 and 52 contracts respectively. Of course JPMorgan Chase was the biggest long/stopper in its in-house [proprietary] trading account with 89 contracts. Canada's Scotiabank was a distant second with 16 contracts stopped. The link to yesterday's Issuers and Stoppers Report is here.
There were no reported changes in GLD yesterday---and as of 10:19 p.m EDT yesterday evening, there were no reported changes in SLV, either.
The good folks over at shortsqueeze.com were kind enough to update the changes in the short interest in both SLV and GLD as of the end of February. There was a huge drop in the short position of SLV, as it declined by 22.73% from 17.65 million shares/troy ounces to 13.64 million shares/troy ounces. The 4 million troy ounces deposit on February 18 may have been used for just that purpose.
The drop in GLD's short position was only 4.97% from 1.29 million ounces to 1.23 million ounces. Ted Butler has been speculating that some of the gold deposited in GLD over the last few days may be the authorized participants covering short positions. If that's the case, then we should see that in the next report for mid-March, which will be out two weeks from now.
The U.S. Mint had another sales report. They didn't sell any gold of any description, but they did sell more silver eagles. This time it was 388,500 of them. Ted's question of who is buying all these silver eagles [2.22 million in the first seven business days of March] remains unanswered.
Over at the Comex-approved depositories on Monday, there were 30,032 troy ounces of gold shipped out of HSBC USA's vault---and nothing was reported received. The link to that activity is here.
Of course there was big movement in silver on Monday, as 843,525 troy ounces were reported received---and 539,955 troy ounces were shipped out. The link to that action is here.
I have a very decent number of stories again today---and I hope you have the time to read the ones that interest you the most.
Several U.S. institutional investors said they are closely monitoring the developments at Pimco, the world's largest bond firm, in the wake of Mohamed El-Erian's abrupt resignation as CEO and ensuing acrimony between him and co-founder Bill Gross.US District Judge Jeffrey White in San Francisco issued a nationwide decree prohibiting the NSA from destroying the records until March 19, when another hearing will be held to further extend the deadline. The court order overrides an earlier ruling by the Foreign Intelligence Surveillance Court in Washington to destroy the records. Governor Mark Carney told MPs on the Treasury Committee that it would create a new deputy governor position with responsibility for markets and banking.
The investors, including retirement systems, have formally put Pimco on "watch lists," a signal that they will keep a much closer eye its performance than usual. It could eventually lead to reductions in the amount of money they allocate to funds at the firm, whose full name is Pacific Investment Management Co. and which has $1.91 trillion in assets.
"We intend to go out and meet with them over the course of the next month," said David Hunter, chief investment officer of the North Dakota State Investment Board. The board, which has about $400 million invested with Pimco, put the fund on its watch list on Feb. 28.
This news item showed up on the moneynews.com Internet site very early yesterday morning EDT---and today's first story is courtesy of West Virginia reader Elliot Simon.
The labor force participation rate in 2013 for Americans in their twenties hit the lowest level recorded since 1981, when the Bureau of Labor Statistics started releasing employment data on people in the full age bracket of 20 through 29.
The labor force participation rate for people ages 20 through 24—which BLS has been tracking since 1948—hit a 42-year low in 2013.
Since 2008, the last year before President Barack Obama took office, the number of Americans in their twenties who were not in the labor force during the average month has climbed from 8,756,000 to 10,511,000—an increase of 1,755,000 or 20 percent.
This story appeared on the cnsnews.com Internet site late yesterday morning EDT---and I thank reader "Howard" for sending it our way.
Think JPM's zero trading day losses in 2013 was impressive? Prepare to have your mind blown. The chart below shows the chart of daily net trading income by High Frequency Trading titan Virtu, taken from its just filed IPO prospectus. The punchline: in 4 years of trading Virtu has had one, one, day in which it lost money.
From the S-1: "The chart below illustrates our daily Adjusted Net Trading Income from January 1, 2009 through December 31, 2013. As a result of our real-time risk management strategy and technology, we had only one losing trading day during the period depicted, a total of 1,238 trading days. "
How is this statistical anomaly possible? For those who have been following our narrative on the market-manipulating, endless crime that is HFT will know all too well. When you have a "strategy" whose only mission is to front run order flow, and scalp pennies from every market order. It also explains why fundamentals haven't mattered in years - the only thing that does matter is to quickly open one's own HFT stop, front run as much order flow as possible, and scalp pennies ahead of the bid and ask... billions and billions of times, leading to the statistically improbable chart pictured above.
This must read Zero Hedge piece from Monday evening EDT, arrived in my in-box in the wee hours of yesterday morning. But because I was already full up with stories in Tuesday's column, it had to wait until today. My thanks go out to reader Harry Grant for sharing it with us.
In what has been described as a victory for privacy advocates, a federal judge halted the destruction Monday of millions of data records collected by the National Security Agency more than five years ago.
U.S. District Judge Jeffrey White in San Francisco issued a nationwide decree prohibiting the NSA from destroying the records until March 19, when another hearing will be held to further extend the deadline. The court order overrides an earlier ruling by the Foreign Intelligence Surveillance Court in Washington to destroy the records.
The NSA is prohibited from destroying “any telephone metadata or ‘call detail’ records,” White said.
This article was posted on the Russia Today website yesterday morning Moscow time---and it's the first offering of the day from Roy Stephens.
The Bank of England will tighten its governance after criticism of its response to claims of manipulation of foreign exchange (forex) rates.
He said the person would carry out "a root and branch review" of how the Bank conducts market intelligence.
It comes amid claims that some bank officials knew of alleged forex fixing.
It has been claimed that currency traders colluded via online chat rooms and instant messaging to manipulate forex rates.
This article was posted on the bbc.co.uk Internet site early yesterday afternoon EDT---and it's the first offering of the day from Manitoba reader Ulrike Marx.
Britain has just carried out one of the greatest victimless crimes in modern financial history. It is in effect wiping out public debt worth 20pc to 25pc of GDP – on the sly – without inflicting serious macroeconomic damage or frightening global bond markets.
Governor Mark Carney more or less acknowledged this morning that the Bank of England will never reverse its £375bn of Gilts purchases. Quite right too.
“Any unwinding of QE should come after several adjustments to rates,” he told the Treasury Select Committee. The word “any” tells us what we need to know.
This follows comments by Deputy Governor Charlie Bean yesterday that the Bank will “only contemplate selling back Gilts once the recovery is on a firm path.” He admitted that some holdings may never be sold.
This Ambrose Evans-Pritchard blog was posted on The Telegraph's website sometime yesterday---and it's another story that's courtesy of Roy Stephens.
The European Central Bank said it will look for capital shortfalls in euro-area banks by examining more than 3.72 trillion euros ($5.16 trillion) in assets in on-site checks.
Releasing a 285-page manual for staff undertaking the Asset Quality Review, the Frankfurt-based ECB said any adjustments to lenders’ capital ratios identified as necessary by the unprecedented balance-sheet probe will be determined during July. While banks won’t have to revise their 2013 accounts, they may have to raise extra capital once the results are published in October following a stress test.
Staff from the ECB, national supervisors and auditing firms will in coming months divide the health check into 10 work areas to examine assets from shipping loans to commercial real estate, comprising about 160,000 individual credit files. The review, which covers 58 percent of the risk-weighted assets held by the 128 banks in the exercise, is part of the ECB’s preparations to take over supervision of the region’s biggest lenders in November in the first pillar of a nascent banking union.
This Bloomberg story, filed from Frankfurt, was posted on their website in the wee hours of Tuesday morning Denver time---and my thanks go out to Ulrike Marx for her second contribution to today's column.
1. Crimea parliament declares independence from Ukraine ahead of referendum: Russia Today 2. Ukraine parliament delivers ultimatum to Crimea over referendum: The Guardian 3. Two big pipeline projects on hold, as EU-Russia relations sour over Ukraine: Russia Today 4. U.S. abandoned international law, abides by ‘law of the jungle’ in Ukraine: Russia Today
[The above stories are courtesy of Bob Visser and Roy Stephens]
Baoding Tianwei Baobian Electric Co. bonds and stock were suspended from trading today after the Chinese electrical equipment maker said it reported losses for a second year running.
The company, which also makes solar panels and is based in the northeast province of Hebei, reported a net loss of 5.23 billion yuan ($852 million) in 2013 versus a 1.55 billion yuan earnings deficit a year ago, according to a statement to the Shanghai stock exchange yesterday. The exchange, in line with its rules, will decide in seven trading days whether to continue the trading halt on Tianwei Baobian Electric’s bonds until its losses are reversed.
Investor scrutiny of China’s onshore bond market is mounting after Shanghai Chaori Solar Energy Science & Technology Co. last week became the first company to default. Chaori Solar’s failure to pay has stoked speculation more companies may miss debt deadlines also.
The yield on Tianwei Baobian Electric’s 1.6 billion yuan of 5.75 percent bonds due 2018 has soared 537 basis points over the past year to 11.13 percent as of yesterday, according to exchange data. Its stock has fallen 37 percent.
Another potential Chinese bond default??? This short story, filed from Shanghai, was posted on the businessweek.com Internet site yesterday sometime---and I thank Casey Research's Marin Katusa for sending it around yesterday.
Growing numbers of Chinese are using the country's state-backed bankcards to illegally spirit billions of dollars abroad, a Reuters examination has found.
This underground money is flowing across the border into the gambling hub of Macau, a former Portuguese colony that like Hong Kong is an autonomous region of China. And the conduit for the cash is the Chinese government-supported payment card network, China UnionPay.
In a warren of gritty streets around Macau's ritzy casino resorts, hundreds of neon-lit jewellery, watch and pawn shops are doing a brisk business giving mainland Chinese customers cash by allowing them to use UnionPay cards to make fake purchases - a way of evading China's strict currency-export controls.
This longish but interesting Reuters story, filed from Macau, was posted on their website late last night EDT---and it's another contribution from Ulrike Marx.
A slew of shockingly weak data from China and Japan has led to a sharp sell-off in Asian stock markets and the biggest one-day crash in iron ore prices since the Lehman crisis, calling into question the strength of the global recovery.
The Shanghai Composite index of stocks fell below the key level of 2,000 after investors reacted with shock to an 18pc slump in Chinese exports in February and to signs that credit is wilting again. Iron ore fell 8.3pc.
Fresh loans in China’s shadow banking system evaporated to almost nothing from $160bn in January, suggesting the clampdown on the $8 trillion sector is biting hard.
This commentary by Ambrose Evans-Pritchard was posted on the telegraph.co.uk Internet site early Monday evening GMT---and I thank Roy Stephens for sending it our way.
1. James Turk: "Loss of Faith, Mismanaged Currency and a Flight to Gold" 2. Art Cashin: "Things Are Now Heating Up Fast in Ukraine" 3. Dr. Stephen Leeb: "$10,000 Gold, Russia, China, the United States and Ukraine" 4. Ronald-Peter Stoferle: "4 Astonishing Charts Reveal the World is Going Exponential"
[Please direct any questions or comments about what is said in these interviews by either Eric King or his guests, to them, and not to me. Thank you. - Ed]
A U.S. investment-management firm has filed a lawsuit against the five banks that set the London benchmark gold price, alleging that the banks conspired to manipulate the price of gold for their own gain.
Documents seen by The Wall Street Journal show that AIS Capital Management, based in Connecticut, filed a class-action complaint late Monday against Barclays PLC, Deutsche Bank, HSBC Holdings PLC, Bank of Nova Scotia and Société Générale SA in the U.S. district court for the Southern District of New York.
The suit is on behalf of AIS and other investors who held or traded gold and gold derivatives that were settled based on the gold fix, or who held or traded COMEX gold futures or options, from 2004 to present.
This marketwatch.com story was posted on their website early yesterday morning EDT---and I found it in a GATA release yesterday.
GoldMoney research director Alasdair Macleod last week made a presentation to the Brazilian Chamber of Commerce in London about trends in the gold market, covering the long history of central bank intervention, the evidence that Western central bank gold has run out, and Asia's recent acquisition of huge volumes of gold on the eve of the likely bursting of the currency bubble.
Macleod's presentation runs for 21:27 minutes---and was posted on the youtube.com Internet site on Monday sometime. It's another item I found over at the gata.org Internet site yesterday.
The biggest growth in trading activity of gold future contracts in the last five years has come from China, according to the latest information from the Futures Industry Association.
Monday evening the FIA released its annual report on global trends in the trading of futures and options; Gold futures on the Shanghai Futures Exchange saw the biggest increase volume in the last five years as 20.09 million contracts were traded in 2013, an increase of 416% from the 3.9 million contracts traded in 2008.
As a comparison, in North American, Comex gold options traded on the New York Mercantile Exchange came in sixth place in volume growth over the last five years with 10.69 million contracts traded in 2013, an increase of 141% from 2008 when there were 4.39 million contracts.
“China’s commodity futures markets have been growing extremely rapidly in recent years, but 2013 stands out for the large number of new contracts that entered the markets,” the report said.
This news item was posted on the Kitco website on Monday---and I thank Ulrike Marx for sending it along.
FBI and U.S. Treasury agents have arrived in Kiev to aid Ukraine's interim leaders to uncover the financial crimes of the government of ousted President Viktor Yanukovych in an effort to repatriate billions of dollars.
Ukraine's new government is determined to recover some of the billions of dollars it says went missing during Yanukovych's regime.
And Washington is eager to assist.
"We are very interested in working with the government to support its investigations of those financial crimes, and we have already, on the ground here in Ukraine, experts from the FBI, the Department of Justice, and the Department of Treasury who are working with their Ukrainian counterparts to support the Ukrainian investigation," U.S. Ambassador to Ukraine Geoffrey Pyatt told reporters here on Monday.
According to Ukrainian officials more than $20 billion of gold reserves may have been embezzled and $37 billion in loans has disappeared. In the past three years more than $70 billion was moved to offshore accounts from Ukraine's financial system.
This must read piece was posted on the voanews.com Internet site on Monday---and it's another article I found on the gata.org Internet site yesterday.
The Federal Reserve Bank of New York today responded to GATA's inquiry last night, prompted by reports from Ukraine as to whether it was taking custody of Ukraine's gold reserves.
A spokesman for the New York Fed said simply: "Any inquiry regarding gold accounts should be directed to the account holder. You may want to contact the National Bank of Ukraine to discuss this report."
GATA's similar inquiry of last night to the U.S. State Department has not yet prompted any reply.
This short commentary by GATA's secretary/treasurer Chris Powell was posted on their website yesterday---and is worth your time.
“I believed throughout 2013, with the price of gold coming down, the fundamentals were only getting better,” he answered. “During that time, the Chinese bought like mad and the Fed printed another trillion dollars through QE. Nonetheless, heavy selling took the gold price down.
“Today, the difference is that the sellers are exhausted, and physical demand is catching up. One of the numbers we are looking at is the quantity of registered inventories on the COMEX for gold. That’s the amount of physical gold that is available when someone asks for physical delivery instead of a cash settlement.”
“One day, we might see someone try to break the market on the physical side, by demanding delivery of more tons than can be supplied – hence driving the price up.
“Because of this threat, I would tell investors in the metals to stick to ‘fully-allocated’ products, where you have a claim to a specific amount of metal that is physically held in a vault, not lent out or hypothecated.”
This commentary by Charles was posted on the sprottglobal.com Internet site yesterday---and is worth reading.
First Majestic Silver Corp. ("First Majestic" or the "Company") announced [on Monday] that its board of directors has approved the extension of its share repurchase program (the "Share Repurchase") pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange ("TSX") or alternative Canadian market places over the next 12 months. Pursuant to the Share Repurchase, the Company proposes to repurchase up to 5,865,931 common shares of the Company which represents 5% of the 117,318,624 issued and outstanding shares of the Company as of March 4, 2014.
In order to implement the Share Repurchase, First Majestic has received TSX approval of its notice of intention to make a normal course issuer bid. The notice provides that First Majestic may, during the 12 month period commencing on March 13, 2014 and ending on or before March 12, 2015, purchase up to 5,865,931 common shares through the facilities of the TSX and alternative Canadian marketplaces.
In accordance with TSX rules, daily purchases made by First Majestic on the TSX will not exceed 116,903 common shares, or 25% of First Majestic's average daily trading volume of 467,612 common shares on the TSX for the six calendar months preceding the date of the acceptance of the original notice, subject to certain prescribed exemptions.
The Company repurchased a total of 215,000 shares for cancellation under its prior normal course issuer bid which commenced on March 13, 2013 and expires on March 12, 2014, at a volume weighted average price of $11.385 per common share. All repurchases were made by means of open-market transactions through the facilities of the TSX.
As a long-time shareholder in this company, I was sort of happy to see this announcement---but on the other hand it's an admission by the firm that it will not raise a finger in protest against the JPMorgan-centric price management scheme that has been ongoing since it because obvious in August 2008---even though the management of the company is fully aware that the price of the metal they mine is far below its free-market price because of that. The major silver producers have decided to circle the wagons against their own stockholders on this issue---and the share repurchase program is this firm's attempt to make amends. How did it come to this?
The platinum wage negotiations currently rocking the big three producers (Anglo American Platinum, Impala Platinum, Lonmin) in Rustenburg have taken a turn for the worse as they are now mired in a mudslinging fight between the chamber of mines negotiating on behalf of the companies and the Commission for Conciliation Mediation and Arbitration.
The spat between the Chamber of Mines and the CCMA stems from a report that quoted the chamber’s chief negotiator saying that the CCMA caused the breakdown in talks between AMCU and the platinum mining companies.
During the interview, which the Chamber claims was off-the-record, Strydom lambasted the CCMA negotiators for not having knowledge of mining or economics, and also questioned the logic of the CCMA when handling the negotiation process.
This news item, filed from Johannesburg, showed up on the mineweb.com Internet site yesterday---and it's the first of three in a row from Ulrike Marx.
Platinum holdings in physically backed exchange-traded funds have hit a record high after fresh inflows into funds listed in London and Johannesburg, and are set to rise further as a strike in major producer South Africa grinds on.
The world's largest platinum-backed ETF, NewPlat ETF reported an inflow of around 4,000 ounces on Monday, taking its holdings to a near seven-week high at 908,811 ounces.
On the same day, London-based ETFS Physical Platinum reported an inflow of 4,505 ounces, taking its holdings to just under 325,000 ounces.
Platinum ETFs, popular investment vehicles which issue securities backed by physical metal, now hold a record 2.215 million ounces, equivalent to around seven months of supply.
This Reuters story, filed from London, was posted on their Internet site early yesterday morning EDT---and it's the second offering in a row from Ulrike Marx.
So far this year gold has probably been the best performing asset class of all having risen around 12% to date. But, within the overall precious metals sector, silver has only moved up a seemingly disappointing 7%, platinum 8% and palladium perhaps an even more disappointing 5% - despite analysts almost being unanimous in their views that the platinum group metals (pgms) in particular will outperform given the ongoing industrial action in South Africa, the world’s largest producer.
The South African situation is potentially severely disrupting supplies, while the global economy is seen as being in a recovery phase, which should indeed be a positive for the pgms given that within the Western recovery – and also with ongoing Chinese sales increasing – the automobile sector seems to be doing particularly well and that is the principal user of pgms, especially palladium.
So, in looking at the sector overall one could suggest that silver and the pgms are under-performing – but that is only relative to the gold price. In short, even a 5% rise over the first 10 weeks of the year is actually quite a good performance – particularly relative to say the S&P 500 which has risen just 2.5% over the same period. Simplistically, the same rate of growth extrapolated over the full year would suggest the S&P growing around 13% and the pgms and silver growing between 25 and 50% over the period , a pretty good performance in anyone’s investment book.
This commentary by Lawrie was posted on the mineweb.com Internet site yesterday as well---and is the final contribution to today's column from Ulrike Marx.
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War is no longer made by simply analysed economic forces if it ever was. War is made or planned now by individual men, demagogues and dictators who play on the patriotism of their people to mislead them into a belief in the great fallacy of war when all their vaunted reforms have failed to satisfy the people they misrule. - Earnest Hemingway: "Notes on the Next War: A Serious Topical Letter" first published in Esquire (September 1935)
Just when you think that the price management scheme in all four precious metals couldn't get more obvious, the HFT boyz top themselves again. As I said at the top of this column, only the willfully blind won't acknowledge that fact.
It was a very active day in both gold and silver in Far East trading on their Wednesday. Volume, which was enormous on Monday, now pales into insignificance compared to the volume going into the London open today, which happens about 25 minutes from now. Gold volume is currently north of 51,000 contracts---and silver's volume is already over 13,000 contracts. Well over two thirds of that volume was posted before lunchtime in Hong Kong trading---as it took a lot of Comex paper to put out the rally fires that began at 10 local time. But by 11 a.m. it was pretty much done---and prices were in lockdown from there.
It's unfortunate that this action took place on a Wednesday, as it won't show up in the Commitment of Traders Report until the report on March 21.
And as I hit the send button on today's efforts at 5:15 a.m. EDT, I note that the markets in Asia took it on the chin pretty good earlier today---and early trading in Europe isn't looking that hot, either. One has to wonder if the Plunge Protection Team will show up to save the day in New York later this morning.
Now that London has been open an hour and change, all four precious metals came under selling pressure, with both platinum and palladium now back below their closing prices in New York yesterday---and silver is also back to being close to unchanged after it's capped rally in morning trading in the Far East. Only gold is hanging on to most of its gains, at least for the moment. Volumes have quieted down a bit from earlier, but are still over the moon for this time of day. Gold volume is well over 60,000 contracts---and silver volume is north of 16,000 contracts. The dollar index isn't doing anything.
As far as the precious metal prices are concerned for the rest of this week, I'll stand by what I said yesterday---and that was "I don't have a clue." It always depends, as Ted Butler says, on what JPMorgan et al do---and we saw an Academy Award winning performance yesterday---and again earlier this morning in Far East trading---so it remains to be seen what kind of encore they have in store for us as the rest of the Wednesday trading session unfolds, especially in New York.
That's all for another day---and I'll see you here tomorrow.