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Physical vs. Paper Gold—Waiting For the Dam to Break
¤ YESTERDAY IN GOLD & SILVER
Gold added about seven or eight bucks to its price in the hours leading up to lunch time in Hong Kong on their Thursday morning…and then traded more or less flat into the London p.m. gold fix…10:00 a.m. in New York. From there, the gold price rallied another ten bucks up until 2:00 p.m. Eastern time…and then traded flat into the 5:15 p.m. electronic close.
Gold closed at $1,468.20 spot…up $36.70 spot… and virtually on its high of the day, which was $1,470.50 spot. Volume was way up there…around 209,000 contracts, so it’s obvious that this rally did not go unopposed.
Silver also rallied in early Far East trading…and then wandered around either side of $23.25 spot right up until 1:00 p.m. in London…twenty minutes before the Comex open in New York. Then the price popped for about 60 cents in the next thirty minutes of trading…and rallied at a much slower pace from there.
Silver closed at $24.40 spot…up $1.24 from Wednesday’s close…and virtually on its high tick of the day as well. Net volume was a chunky 40,000 contracts.
The dollar index closed on Wednesday at 82.94…and then began to head south shortly after it opened in the Far East on their Thursday morning. By the time the low of the day was in 8:20 a.m. in New York…the Comex open…the index was down to 82.42. From there it rallied back to virtually unchanged on the day by 10:30 a.m. Eastern time…but then slid a hair into the close…finishing the Thursday session at 82.78…down 16 basis points on the day.
Compared to the 7 percent rally on nothing on Wednesday, I was underwhelmed by the performance of the gold stocks in the face of a solid rally in the metal itself on Thursday. The rally in gold flat-lined at 2:00 p.m. Eastern time…and at that moment, the HUI was up a bit over 3 percent. But then someone came along and sold the stocks down…and the HUI finished up only 0.70%. One has to wonder who was selling in such a reckless manner yesterday.
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