JPMorgan...Dutch Crossword Puzzles...and Silver
Published: April 10, 2012 by GoldSpeculator
"After the breakout attempts when New York opened on Sunday night, gold and silver prices weren't allowed to do much of anything after that."
After the breakout attempts when New York opened on Sunday night, gold and silver prices weren't allowed to do much of anything after that...especially during the New York trading session. Volume, except for the Sunday night open, was extremely light for the rest of Monday...and it was real easy for anyone to shove prices around if they so desired, which is precisely what happened. Every rally attempt was very firmly sold off.
Today is the cut-off for this Friday's Commitment of Traders Report...and last week's smash-down in the price of all four of the precious metals, including copper, will be included in this report. Both Ted and myself are expecting an improvement in market structure, but I strongly suspect that there was some deterioration after what happened at the Sunday night open...including what may be happening at the moment.
Well, we're over a week into the April delivery month in gold...and according to the figures I'm looking at, there are about 3,300 gold contracts still open. As of yesterday, there were 2,539 contracts delivered in April already, so there's still a fair chunk to go if all these remaining contract holders stand for delivery. Of that 2,539 contracts already delivered, JPMorgan has been the long/stopper on over 2,143 of them. One has to wonder what the rest of these short/issuers are waiting for...and who they will turn out to be...as will the long/stoppers.
In early Tuesday trading, gold managed to tack on about ten bucks...and is now trading flat going into the London open, which is about forty-five minutes from the time I'm writing this paragraph.
Silver gapped down about two bits right at the open of Far East trading. I was watching the volume figures for silver very closely...and if the CME was reporting them correctly, only 28 contracts traded during the first forty minutes after the 6:00 p.m. Eastern time open. I find that hard to believe, but that's what their website was reporting.
As I await the London open, silver's gross volume is now pretty chunky...and once you net out all the roll-overs, volume is actually a bit higher than it was this time on Monday...and prices are all over the map within a fairly tight range. I'm not sure what's causing such a schizophrenic price pattern, as I've never seen those types of wild swings on the Kitco silver chart before. Maybe its high-frequency traders, but I'm just guessing. And maybe it has to do with the bid/ask...as it's ten cents at the moment. We'll see how this trading pattern shakes out as the Tuesday trading day progresses.
As I write this paragraph around 2:25 a.m. Eastern, silver is down about a dime...and I'm curious to know what's really going on, as it's surprising to see silver down at all when gold is up this much. Platinum is up $15...and palladium is up $11...so silver is a bit of a mystery at the moment.
And as I hit the 'send' button at 5:45 a.m. Eastern time, gold is now only up a buck or so...and silver is down 30 cents. It could be an interesting Comex trading session.
That's more than enough for today...and I'll see you here tomorrow.
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