These guys just don’t quit, do they?

[The only reason that today’s column is here at all is thanks to super computer genius Gary at b-com.ca here in Edmonton, who dropped everything to help me out when I walked in their store the moment it opened this morning.  Now THAT’s service! – Ed]

The gold price rallied during early Far East trading on their Thursday morning, but ran into a not-for-profit seller around 11:00 a.m. Hong Kong time.  Then, starting around 1:30 p.m. local time, the gold price gradually declined until shortly before the 1:30 p.m. Comex close in New York.

From that point, the gold price got sold down almost thirty bucks, hitting its low of the day…$1,196.10 spot…just minutes after 2:00 p.m. in electronic trading.  The price basically traded sideways from there.

Gold closed at $1,200.80 spot…down by $24.40 from Wednesday.  Volume, although not as monstrous, was still very chunky at 261,000 contracts.

Silver’s Far East rally on their Thursday morning also wasn’t allowed to get far…and after that, the price wandered around in a 2 percent price range until it, too, got sold down going into the Comex close.  The subsequent rally, if you wish to dignify it with that name, didn’t get far either.

The low tick, just like gold’s, came minutes after 2:00 p.m. in New York…and Kitco recorded that as $18.31 spot.

Silver finished the Thursday session down a penny from Wednesday…closing at $18.51 spot.  Net volume was huge…66,000 contracts.  Maybe some of it was carry-over from Wednesday?

Here are the charts for platinum and palladium yesterday.

The dollar index closed on Wednesday afternoon in New York at 82.95.  Once it opened in Far East trading on their Thursday, it sank to its low of the day…82.77 shortly before 2:00 p.m. Hong Kong time.  The rally that followed ran out of gas at the 83.16 mark just minutes before 11:00 a.m in New York.  From there it fell down to 82.89 by 12:30 p.m….and the subsequent rally didn’t get far.  The index closed at 82.95…unchanged from Wednesday.

As you can tell from the chart below, the big drop in the precious metal prices around the Comex close was not related to anything going on in the currency markets.

Despite the fact that the gold price didn’t make it into positive territory…and then got hit for $29 just before the Comex close, the gold stocks managed to stay in positive territory all day long.  It was obvious that someone was bottom fishing.  The HUI finished up 2.25%.

The silver stocks put in a pretty decent performance themselves as well…and Nick Laird’s Intraday Silver Sentiment Index closed up 5.24%.

(Click on image to enlarge)

The CME’s Daily Delivery Report for the final day of the June delivery month showed that 4 gold contracts were posted for delivery within the Comex-approved depositories sometime today.

First Day Notice for the July delivery month showed that 23 gold and 479 silver contracts were posted for delivery on Monday.  The two big short/issuers were Canada’s Bank of Nova Scotia with 238 contracts…and Jefferies with 200 contracts.  JPMorgan was the big stopper with 337 contracts in its proprietary trading account…and 38 in its client account.  The link to yesterday’s Issuers and Stoppers Report is worth a peek…and the link is here.

Once again I was surprised by what I discovered in both GLD and SLV yesterday.  Not only wasn’t there any change in GLD for the second day in a row…an authorized participant added a further 482,493 troy ounces of silver to SLV…the second day in a row that silver has been deposited.  Both Ted and I are waiting for the big withdrawals that we feel are coming…but they haven’t put in an appearance as of yet.  Maybe today…for maximum psychological effect.

For the second day in a row, there was no sales report from the U.S. Mint.

In silver, the Comex-approved depositories didn’t receive any on Wednesday…but shipped 401,855 troy ounces out the door.  The link to that activity is here.

In gold, these same depositories reported shipping out 34,146 troy ounces of the stuff on Wednesday…and didn’t receive any.  The link to that action is here.

It was another busy day at the bullion store yesterday, but not quite as busy as Tuesday or Wednesday.  Today is Friday, I expect today will be very busy.

Here’s a gold and silver chart courtesy of Nick Laird…and this is what he had to say about them…”Gold and silver have now both put in their fifth wave down. If this is to be the last wave down then I would consider that this wave down will be of a lesser degree than the prior wave down…which would imply that we are almost at a bottom.”

(Click on image to enlarge)

I’m happy to report that I have considerably fewer stories for you today than I did on Thursday…and I hope you can find time to wade through them all.

Being around the markets for as long as I have, I have resisted the temptation to flat-out state that silver prices can’t possibly go lower than any certain level; although it is just as true that I have thought the bottom has been put in on many recent occasions. Right now we are caught between unreasonably low prices that must adjust to the upside at some point…and an historic deliberate manipulation to the downside of unprecedented proportion that must end. Accordingly, I feel it is way too late to even think about selling…and the only reasonable thoughts should be of where to buy at the lowest possible price.Silver analyst Ted Butler…26 June 2013

These guys just don’t quit, do they?  Just when you think the end might be in sight, the market gets bombed going into the Comex close…and then again in early Far East trading on their Friday morning.

But at some point there are few, if any, technical fund longs holders left…or that are prepared to sell…and nobody left willing to go short at the current price level.  When that point is reached, the bottom is in.  You have to ask yourself the question…was the bottom in when we set new lows in Far East trading earlier this morning?

That can’t be answered for sure until JPMorgan et al in New York have had once more kick at the can during the Comex trading session today.

Today is the last day of the week, the month…and the quarter.  As I said in my Tuesday missive, the rest of the trading week could be interesting…and that has certainly proved to be the case.  One would like to think that when today’s trading is done, we’ll have seen the last of the engineered price declines in all four precious metals.

Today we get the Commitment of Traders Report for positions held at the close of Comex trading on Tuesday, June 25th…and the first thing I’ll be looking for is if all of last Wednesday’s and Thursday’s action is included in these numbers.  They should be, but I’ll wouldn’t put anything past these crooks.

Of course the data from the engineered price decline that we experienced on Wednesday and Thursday of the current week, won’t be in included.  Whatever happened on those two days won’t be known with any certainty until the COT Report on July 5th.

As I pointed out in the first paragraph of The Wrap, all four precious metals got hit to varying degrees starting at 8:30 a.m. Hong Kong time on their Friday morning…and all of them had recovered those loses by the 8:00 a.m. BST London open.  Gold volume is already monstrous…69,000 contracts as of 3:30 a.m. EDT…and virtually all of the HFT variety.  Silver’s net volume is heavy as well…around 13,000 contracts.  The dollar index is hovering just under the 83.00 mark.

I wouldn’t want to hazard a guess as to what today’s price action will look like during the New York session today…but I’ll be mentally prepared for any eventuality when I switch my computer on later this morning.

Enjoy your weekend…a long weekend for us Canadians…or what’s left of it, if you live west of the International Date Line…and I’ll see you here tomorrow.