The gold price traded pretty flat up until 2 p.m. Hong Kong time---and then got sold off a bit going into the 8 a.m. GMT London open two hours later. The low of the day came minutes after that---and by 9 a.m. EST the gold price was back to where it was when it closed in New York on Wednesday.
Then away went the price to the upside---and the rally ended minutes after 12 o'clock noon EST. From there it traded pretty flat [except for its 3:15 p.m. spike high tick] into the close of electronic trading.
The CME Group recorded the low and high ticks at $1,331.30 and $1,353.90 spot in the April contract.
Gold closed the trading day in New York at $1,350.40 spot, up $13.60 on the day. Net volume wasn't overly heavy at 112,000 contracts.
It was a very identical price scenario for silver as well, but once the high was in shortly after noon in New York, the price got sold down well off its high tick.
The low and high were recorded as $21.105 and $21.65 in the May contract.
Silver finished the day at $21.435 spot, which was up 28 cents from Wednesday's close, but down almost 2% off its high tick. Volume, net of March and April, was very decent at 39,000 contracts.
Platinum and palladium prices didn't do much until around 9 a.m. GMT in London on their Thursday---and the highs were in by 9:30 a.m. EST in New York. After that, they didn't do much for the remainder of the day. Here are the charts.
The dollar index closed in New York late on Wednesday afternoon at 80.09. Once trading began in the Far East on their Thursday, the index rallied to its 1 a.m. Hong Kong high, before turning gently lower. The decline turned into a face plant starting at 8:30 a.m. EST---and by noon the index was down to 79.61---and barely rallied from there going into the close. The index finished the Thursday session at 79.65---down 44 basis points from Wednesday.
The big rallies in gold and silver didn't begin until 9 a.m. which was a good half an hour after the dollar index fell out of bed. As a matter of fact, the dollar index loses were about half done by the time that both gold and silver reacted to that fact, although their respective rallies ended about the same time as the dollar index stabilized. The other thing that has me wondering is why platinum and palladium didn't react in a similar way during the dollar's swan dive during the morning trading session in New York.
I was underwhelmed by the reaction of the gold stocks. They opened a bit higher---and only rallied a bit more going into the 12:10 high tick for gold. After that the shares didn't do much---and the HUI only finished up 1.42%.
The silver equities didn't exactly set the world on fire yesterday, either---and Nick Laird's Intraday Silver Sentiment Index closed up only 1.46%.
The CME's Daily Delivery Report showed that zero gold and seven silver contracts were posted for delivery on Monday within the Comex-approved depositories. JPM stopped six of those contracts in its in-house [proprietary] trading account. The link to yesterday's Issuers and Stoppers Report is here.
There were no changes in GLD---and as of 9:18 p.m. EST yesterday evening, there were no reported changes in SLV, either.
The U.S. Mint had a sales report yesterday. They sold 500 troy ounces of gold eagles---2,000 one-ounce 24K gold buffaloes---and 56,000 silver eagles.
There was no in/out activity in gold over at the Comex-approved depositories on Wednesday. But there was a big shipment in silver, as 755,931 troy ounces were reported received, with virtually all of it ending up at Scotiabank. Nothing was shipped out. The link to that action is here.
Here's the latest FRED chart showing the St. Louis Adjusted Monetary Base. It's still looking like a NASA space launch to me. I thank Casey Research's own Jeff Clark for sharing it with us.
I have another boat load of stories for you again today---and the final edit is all yours once again.
Nothing says global 'economic recovery' like a major retailer drastically missing revenue expectations, slashing earnings projections and announcing it will shutter 225 stores nationwide. Staples, the largest US office supplies retailer, hit the triple whammy and didn't blame it all on the weather as the CEO notes "our customers are using less office supplies." Or maybe there are just less office workers? Isolating Staples is a little unfair but as the largest (and most bellwether-ish), it is perhaps time to question the constant meme of escape velocity, improving fundamentals, and cleanest-dirty-shirt growth.
This news item was posted on the Zero Hedge website late yesterday morning EST---and I thank reader M.A. for today's first story.
Moody’s Investor's Service has downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities.
The agency announced Tuesday it’s lowering the rating on $8.3 billion in debt from A3 to Baa1, putting it only three notches above junk-bond status.
Moody’s gave Chicago a negative outlook indicating another downgrade could occur if there’s no pension fix. Moody’s says the rating “reflects the city’s massive and growing unfunded pension liabilities.”
Moody’s says those liabilities “threaten the city’s fiscal solvency” unless major revenue and other budgetary adjustments are adopted soon and are sustained for years to come.
This very brief CBS/AP story was posted on the cbslocal.com Internet site very early Tuesday evening CST---and I thank U.A.E. reader Laurent-Patrick Gally for sending it our way.
Bank of America Corp., the second-biggest U.S. lender, suspended a senior foreign-exchange dealer amid a probe into the alleged manipulation of currencies, a person with knowledge of the matter said.
Joseph Landes, the London-based head of spot foreign exchange for Europe, Middle East and Africa, has been put on leave while the bank investigates, said the person, asking not to be identified as the details are private. Landes, the first trader known to have been suspended by Bank of America in the investigation, didn’t respond to an e-mail or calls to his work phone or mobile. Lawrence Grayson, a Bank of America spokesman, declined to comment on the suspended employee.
At least 21 employees of global banks have been fired, suspended or put on leave since Bloomberg News first reported in June that dealers said they shared information about client orders to manipulate benchmark rates used in the $5.3 trillion-a-day currency market. No firms or traders have been accused of wrongdoing by government authorities.
This Bloomberg story was posted on their Internet site yesterday morning MST---and it's the first contribution of the day from Manitoba reader Ulrike Marx.
Federal Reserve Chair Janet Yellen vowed on Wednesday to "do all that I can" to boost a U.S. economy where unemployment is too high and inflation is too low.
"The economy continues to operate considerably short" of the central bank's objectives of full employment and stable prices, Yellen said at a swearing-in ceremony at the central bank in Washington.
"The economy is stronger and the financial system is sounder," added Yellen, who succeeded Ben Bernanke on February 1. "We have come a long way, but we have farther to go."
This article showed up on the moneynews.com Internet site early yesterday morning EST---and it's the first offering of the day from West Virginia reader Elliot Simon.
Bank of England policy makers extended unprecedented stimulus into a sixth year today as they seek to ensure the economy fully recovers from the damage wrought by the financial crisis.
The Monetary Policy Committee led by Governor Mark Carney held its benchmark interest rate at 0.5 percent, as predicted by all 52 economists in a Bloomberg News survey. The central bank has maintained borrowing costs at a record low since March 2009, the longest stretch of unchanged policy since the 1940s. It also said today it will reinvest funds from gilts in its asset-purchase facility that mature tomorrow.
Carney says there’s “no rush” to remove the emergency stimulus put in place by his predecessor Mervyn King, even after the strongest expansion since 2007 pushed unemployment toward the 7 percent level at which officials had said they’d consider a rate increase. With signs the recovery is becoming entrenched, traders are betting the BOE will lift borrowing costs next year after officials raised their growth forecasts last month.
This short Bloomberg story, filed from London, was posted on their Internet site very early yesterday morning MST---and it's the second offering of the day from Ulrike Marx.
Italy and France were the major euro area countries put on the European Commission's economic "watch-list" over fears about persistently high debt and deficit levels.
The two countries were among 14 nations deemed to have "macro-economic imbalances" in their economy by the EU executive in a series of reports on 17 countries published on Wednesday (5 March).
Italy "must address its very high level of public debt and weak external competitiveness," the commission said, adding that its economy is hamstrung by "a continued misalignment between wages and productivity, a high labour tax wedge, an unfavourable export product structure and a high share of small firms which find it difficult to compete internationally."
This news item, filed from Brussels, was posted on the euobserver.com Internet site late yesterday morning Europe time---and it's the first contribution to today's column from Roy Stephens.
Lights, camera…no action. There had been such a build up to today's council meeting of the European Central Bank – which had been very much encouraged by the president, Mario Draghi, with talk of possible further credit easing, funding for lending, and so on – that when nothing happened, it was, to put it mildly, a bit of letdown. Did he want to do more, but was blocked by all the usual suspects? Almost certainly yes, though you rarely get to the bottom of these matters.
In any case, the ECB's inaction in the face of continued credit contraction and a clear and present danger of price deflation perhaps shouldn't really have come as such a surprise. The ECB has proved itself an extraordinarily cautious animal, and today's lack of fire works is just true to form.
For those clutching at straws, Mr Draghi did at least say that policy would remain extraordinarily accommodative even after the data started to show significant improvement. Mr Draghi was also relatively convincing in his explanation of why inflation was so low. Mainly, it is about falling energy prices he pointed out. In the eurozone, the average historical contribution of energy prices to annual HICP inflation was 50 basis points. In February it was minus 30 basis points. Some two thirds of the fall in inflation since early 2012 is accounted for energy prices.
Jeremy Warner over at The Telegraph has his knickers in a twist in this commentary that was posted on the telegraph.co.uk Internet site yesterday---and it's courtesy of Roy Stephens.
The International Monetary Fund has warned of the risks of low inflation and called for the European Central Bank to help strengthen the region's economy ahead its policy decision on Thursday.
The IMF blog, written by economists led by Reza Moghadam, director of the fund's European Department, says that Europe "can have too much of a good thing, including low inflation."
It comes despite better-than-expected euro zone inflation data, which came at 0.8 percent in February - welcome news for the ECB, as previous figures had fueled concerns about growth-sapping deflation.
"The ECB must be sure that policies are equal to the tasks of reversing the downward drift in inflation and forestalling the risk of a slide into deflation," Moghadam wrote.
This article showed up on the CNBC website on Wednesday morning EST---and I found it in yesterday's edition of the King Report.
1. Crimea 'votes' to join Russia as E.U. leaders meet: E.U. Observer 2. Ukrainian leader declares Crimea referendum an illegal farce: Reuters 3. U.S. in tenuous sabre rattling over Ukraine: Russia Today 4. U.S. navy confirms missile destroyer USS Truxton approaching the Black Sea: Russia Today 5. Ukraine crisis and Olympics boost Vladimir Putin's popularity in Russia: The Guardian 6. Russia said to seek repeal of U.S. veto at IMF: Reuters 7. VTB Cancels New York Forum as U.S. Relations Sour: Bloomberg 8. London's lucrative Russia ties hang over sanctions debate: Reuters 9. Ukraine P.M., E.U. leaders taking soft line on Crimea: E.U. Observer
[The above stories are courtesy of Ulrike Marx and Roy Stephens]
The U.S. establishes strategic networks around globe, some linked to humanitarian organizations, and some to fascist organizations and individuals who will do their dirty work, Scott Rickard, former intelligence officer for the NSA, told RT.
Rickard, who also worked for the USAF and the Directorate of National Intelligence, believes that no doubt Yanukovich was very corrupt, and the uprising can’t of course be called peaceful, although it started out that way.
“When you are throwing thousands of Molotov cocktails and you are being funded – this is a very strategic network that these NGOs have and they have been operating in Ukraine for decades. These individuals have ties at the greatest levels into humanitarian organizations, all the way up to the best side of the things and all the way down into the fascist organizations for the individuals that will do dirty work for them,” Rickard said.
Rickard also argues that “the CIA has operated like this in South America, they have operated like this in Africa” and there is nothing surprising that “they are going to do this in Ukraine.”
This absolute must read commentary was posted on the Russia Today website early yesterday afternoon Moscow time---and it's another contribution to today's column from Roy Stephens.
Loss-making Chinese solar equipment producer Chaori Solar said it will not be able to meet interest payments on bonds due on Friday in what would be the country's first-ever domestic bond default, and possibly the first of many.
The warning by Shanghai Chaori Solar Energy Science and Technology Co Ltd highlights rising credit risk in China, where a massive run-up in corporate debt since 2008 - and overcapacity in sectors such as steel, coal and solar - have threatened the solvency of many borrowers.
A precedent-setting default, however, could benefit the economy in the long run by heralding the end of an era of risk-free credit in China, where local governments have often used public funds to rescue weak firms in order to prevent financial and social instability.
And so it begins again. This Reuters story, co-filed from Shanghai and Hong Kong, was posted on their website very early on Wednesday morning EST---and I thank Elliot Simon for sending it.
1. Art Cashin: "Tensions in Ukraine...and the Biggest Problem Washington Faces". 2. Keith Barron: "This is Going to Be a Huge Surprise For Investors in 2014". 3. Tom Fitzpatrick: "Look For Staggering $570 Surge in Gold and 44% Spike in Silver". 4. Bill Fleckenstein: "This is What's Going to Crater the Stock Market". 5. Richard Russell: "Damn the U.S. Lies, Bulls Hit and Propaganda".
[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]
Timothy Massad, the Treasury Department official named to head the U.S. Commodity Futures Trading Commission, said he would work to approve speculation limits in oil, natural gas and other commodities that have been resisted by banks and parts of the energy industry.
Massad and commission nominees Sharon Y. Bowen and J. Christopher Giancarlo told Senate Agriculture Committee lawmakers at a confirmation hearing today that they would look to review data and public comments on a current CFTC proposal to set limits on how large a position a trader can have in commodity markets.
“It is very important that we work to finalize that rule,” Massad, 57, said at the hearing in Washington. “They are a very important tool in the toolkit, and Congress obviously has directed us to take action in this regard. I will make that a priority.”
Where have we heard this line before? One wonders if he will be allowed to finally put a muzzle on JPMorgan et al's dealings in the Comex futures market in all four precious metals. I doubt it, but hope springs eternal. This Bloomberg story, filed from Washington, was posted on their website during the Denver lunch hour yesterday---and I found it embedded in a GATA release.
Odyssey Marine Exploration has been awarded the exclusive contract to conduct an archaeological excavation and recover the remaining valuable cargo from the SS Central America shipwreck located approximately 160 miles off the coast of South Carolina. The ship, which was immortalized in the best-selling book, "Ship of Gold in the Deep Blue Sea," sank in 1857 with one of the largest documented cargoes of gold ever lost at sea.
Odyssey was selected for the project by Ira Owen Kane, the court-appointed receiver who represents Recovery Limited Partnership (RLP) and Columbus Exploration (CE). Kane is charged by the court with overseeing the recovery project and has the benefit of a permanent injunction and exclusive salvage rights over the SS Central America shipwreck granted by the U.S. District Court for the Eastern Division of Virginia.
"We are excited about returning to the SS Central America and welcome the opportunity to work with Odyssey Marine Exploration on this historic undertaking. We are confident that Odyssey's unparalleled experience, superbly qualified personnel and state-of-the-art equipment will build on the successes of the first recovery effort, which has been characterized as a story of American initiative, ingenuity and determination," stated Kane.
This very interesting news item was posted on the maritime-executive.com Internet site yesterday---and it's anther story I found on the gata.org Internet site.
The U.S. Mint said it will resume selling its American Eagle platinum bullion coins on March 10, ending a four-year exit from the market, due to renewed interest from investors and dealers.
The U.S. Mint will offer the platinum bullion coins at a 4 percent premium over the spot price. Only 1-ounce coins will be sold, the Mint told authorized dealers in an email on Tuesday that was seen by Reuters.
Tom Jurkowsky, U.S. Mint's director of corporate communications, told Reuters the Mint notified its authorized purchasers about the platinum coin sales on Tuesday.
This Reuters piece showed up on the Chicago Tribune's website early Wednesday afternoon CST---and I thank Elliot Simon for his third and final offering in today's column.
GoldMoney founder and GATA consultant James Turk was interviewed at length on Wednesday by Erin Ade on Russia Today's "Boom/Bust" program, discussing gold's enduring function as money, the best money insofar as other forms are actually credit with counterparty risk. Central bank suppression of gold prices is mentioned as well.
The program has been posted at the youtube.com Internet site---and Turk's segment begins at the 6-minute mark. This is another item I found in a GATA release yesterday---and I thank Chris Powell for wordsmithing "all of the above."
Commodity prices are not just for buyers and sellers of the physical stuff. They are also the basis of derivative markets -- futures contracts, options, and combinations of these and other financial instruments -- which can be far larger. A twitch in the "benchmark" price can mean big shifts in the value of derivatives, and profits for the prescient.
People unhappy with the way the world gold market works suspect that more than prescience may be involved. In a class-action lawsuit filed this week, Kevin Maher, a New York-based investor in the gold and derivative markets, is suing the five banks which set the benchmark -- Deutsche, Barclays, Nova Scotia, Société Générale and HSBC -- for collusion. Those banks that have commented say they will defend the suit vigorously.
Another bit of bad news for the gold market comes from a forthcoming paper by Rosa Abrantes-Metz, of New York University's Stern School of Business, and her husband Albert Metz, a ratings-agency chief (writing in a personal capacity). This identifies a puzzling number of large downward price movements in the run-up to the afternoon "fix": a conference call, typically 10 minutes long, when the banks exchange information and decide on the price. Ms Abrantes-Metz terms the spikes "too frequent and too large" to be mere chance.
Chris Powell added that---"When a GATA delegation visited an editor for The Economist at his office in London in May 2009 to give him the gold price suppression story and the associated documentation, he couldn't get rid of us fast enough." This interesting commentary is headlined "Gold: In a fix, Mr. Bond"---and it's posted on the economist.com Internet site.
GATA's sometime lawyers, Berger & Montague in Philadelphia, a leading national antitrust law firm, are among those investigating complaints about the daily London gold price fixing, whose suppression of the gold price was documented by GATA's late board member Adrian Douglas in 2010.
If such a lawsuit ever got into what is called the discovery phase, the records of the banks might become subject to a court's review and eventually public, exposing the banks' transactions with the Western central banks that long have been underwriting the gold price suppression scheme.
Of course GATA supports such exposure and encourages gold traders and gold mining companies who feel harmed by gold price suppression generally and the London gold fix particularly to contact Berger & Montague's lead lawyer, GATA's friend Merrill Davidoff, to learn more about the firm's investigation. Presumably that investigation could lead to another federal anti-trust lawsuit for which plaintiffs would be needed.
This commentary by GATA's Chris Powell, plus all the appropriate links, was posted on the gata.org Internet site yesterday.
The power cuts that have been scheduled by South Africa's power utility Eskom to take effect over the next few days will have an adverse effect on production in the mining sector, industry insiders told Mineweb on Thursday.
Peter major, a mining consultant at Cadiz Corporate Solutions said load shedding by Eskom is paving the way for an increasingly difficult atmosphere between government and big mining houses that is critically reliant on consistent, uninterrupted electricity for their survival.
Earlier this morning, Eskom declared an emergency and asked key industrial customers to reduce load by 10% as from 08:00.
“Eskom calls on consumers to urgently switch off geysers, pool pumps and all non-essential appliances this morning to prevent the need for rotational load shedding. The power system is very tight. This risk has increased significantly due to the heavy rains over the last few days and an increase in technical problems experienced at some of Eskom's power stations,” the utility said in a statement.
This news item, filed from Johannesburg, was posted on the mineweb.com Internet site yesterday---and I thank Ulrike Marx for digging it up for us.
India’s current-account deficit narrowed to a fresh four-year low as gold imports cooled, offering a potential boost for the rupee even as economists said the gap may widen again if the economy improves.
The deficit was $4.2 billion in October through December, compared with $5.2 billion for the prior quarter, the Reserve Bank of India said in a statement in Mumbai yesterday. The shortfall was equivalent to 0.9 percent of gross domestic product. The current account is the broadest measure of trade, tracking goods, services and investment income.
The government increased taxes on gold imports in the world’s second-biggest user of the metal three times last year to help pare a trade imbalance that has weighed on the rupee. The currency has gained about 11 percent since reaching an all-time low on Aug. 28, the world’s best performer in that time, as imports have fallen and growth remains subdued.
“It has come down for all the wrong reasons -- if the economy picks up, imports will rise and you’ll see the current-account deficit go up again,” said Dharmakirti Joshi, chief economist with Mumbai-based Crisil Ltd. The government should start to withdraw restrictions on gold imports, he said.
Today's last story comes from Bloomberg. It was filed from New Delhi and posted on their website late on Wednesday evening MST---and I thank Ulrike Marx for her final offering in today's column.
Uranium Energy Corp. (NYSE MKT: UEC) is pleased to announce that the final authorization has been granted for production at its Goliad ISR Project in South Texas. As announced in previous press releases, the Company received all of the required authorizations from the Texas Commission on Environmental Quality, including an Aquifer Exemption which has now been granted concurrence from EPA Region 6.
Amir Adnani, President and CEO, stated, “We are very pleased to have received this final authorization for initiating production at Goliad. Our geological and engineering teams have worked diligently toward achieving this major milestone and are to be truly commended. We are grateful to the EPA for its thorough reviews and for issuing this final concurrence. The Company’s near-term plan is to complete construction at the first production area at Goliad and to greatly increase the throughput of uranium at our centralized Hobson processing plant.” Please contact Investor Relations with questions or to request additional information, firstname.lastname@example.org.
While it's true that silver and gold prices can rally sharply even in a manipulated state (as they did for the decade ended in 2011), it is the end of the manipulation that promises the most reward for investors, particularly in silver. Without the willingness or ability to sell unlimited quantities of COMEX silver contracts to deliberately suppress prices by JPMorgan or any concentrated substitute, the manipulation will be terminated. Then, for the first time in history, the world will discover the true free market price. What is so remarkable is that it has come to this specific point, namely, what JPMorgan does or doesn’t do. - Silver analyst Ted Butler: 05 March 2014
While I was happy to see the rallies on my computer screen when I got up yesterday morning, I also noticed [for the umpteenth time] that gold wasn't allowed to rally more than one percent. This is a phenomenon that Bill Murphy over at lemetropolecafe.com mentions constantly. Gold can be clobbered to the downside for just about any amount, but it's a rare day indeed when the gold price is allowed to rally much more than a percent. Yesterday's price action was continuing confirmation of that fact.
This new lawsuit against various and sundry bullion banks for rigging the London p.m. gold fix is admirable in its intent, but just like the lawsuit against the price rigging in the Comex silver market, this one is misdirected as well. There's no question, that the "fix is in" to a certain extent at 3 p.m. GMT in London---and here's Nick Laird's most excellent five-year chart that shows that.
What this chart lays bare for all to see is the Anglo/American price fixing scheme against gold over the long term. The chart for silver is similar. The gold price begins to rally at the 10 a.m. EST low in New York [the "fix"] and also during Far East trading. But the moment [about 30 minutes before, actually] that London opens, it's all down hill from there, with the low of the day coming at the London p.m. gold fix---and then the cycle repeats.
In a lot of the day-to-day trading action, this pattern is partially obscured, but when averaged out over five years, it's beyond obvious. This is all work done more than 10 years ago by German gold analyst Dimitri Speck. Nick just improved on his chart.
Here's another killer chart from Nick which, along with the one above, I've posted several times in this space. It's simple to read, as the dialogue boxes tell all---and I urge you to take a minute to grasp its meaning and significance.
This one goes back more than 40 years to January 1, 1970, but it's the data from 1999 up to and including 2011 that is the most telling. The green bars show the positive price action when London is closed. The red bars shows the negative gold price action when London is open. During the 1999-2011 bull market, the biggest bull market in gold in history, gold prices, on average, declined every year during the London trading session. That is simply not possible unless prices are being actively managed. And just as an aside, look at the 1978-80 bull market on this chart as a comparison.
This chart, along with the one above it, are prima facie evidence of the Anglo/American price management scheme centered on the Comex futures market. This applies to silver too---and probably platinum and palladium over the last 10 years as well.
The point I'm making here is that although the London p.m. gold "fix" is important, both lawsuits missed, or are missing, the overall picture---and that is that the price-setting mechanism/price management scheme is within the Comex futures market itself---24 hours a day, every day. JPMorgan is running the show---and neither they, nor the concentrated short/long positions [or the collusion] in the Comex futures market, are even mentioned in this new lawsuit. Ted Butler went into this at great length in his Wednesday commentary to his paying subscribers and, as you can tell, I'm in total agreement.
Unless the plaintiffs get lucky, or they change the direction or scope of this lawsuit, I doubt that it will meet with any measurable success---at least not the kind of "success" we're hoping for. But I do wish them well.
Today we get the long-awaited Commitment of Traders Report, along with the companion Bank Participation Report---and I'll have all the gory details for you in tomorrow's column.
There's not a creature stirring in Friday trading in the Far East. Prices are comatose in all four precious metals---and volumes are pretty light---and the dollar index is dead as well. There's about 40 minutes left before the London open---and it remains to be seen whether the HFT boyz show up between now and then.
And now that London has been open a couple of hours, all four precious metals got sold down a bit in early trading---and are making some attempt at a recovery as I send today's effort off to Stowe, Vermont at 5:10 a.m. EST. Volumes in both gold and silver are up quite a bit since I wrote the above paragraph---and are now about average for this time of day, with most of it being of the HFT variety. The dollar index is now down a handful of basis points.
With today being Friday, it's anyone's guess as to how the precious metals will trade for the rest of the day---and as is almost always the case, it's what happens during the Comex trading session that matters most. I'm hoping for the best, of course, but always on the lookout for "in your ear."
Enjoy your weekend, or what's left of it if you live west of the International Date Line---and I'll see you here tomorrow.