Lawrence Williams: $1 Trillion Platinum Coin Hogwash

Nothing of importance happened during the Far East trading session on their Wednesday…and the high of the day [around $1,666 spot] came at 9:00 a.m. in London.  The gold price stayed in positive territory until about 9:00 a.m. in New York…five hours later.  Then down went the price, with the low price tick [$1,650.60 spot] coming about forty-five minutes before the Comex close.

The price recovered a bit from there, but from around 2:15 p.m. Eastern time, it began to trade sideways into the close of electronic trading.

The gold price finished the day at $1,658.00 spot…down $2.80 from Tuesday’s close.  Net volume was light…around 106,000 contract.

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It was pretty much the same story in silver.  The high tick [around $30.60 spot] at 9:00 a.m. in London…followed by the 9:00 a.m. selloff in New York.  The low price tick of $29.98 spot came at 10:45 a.m. Eastern…about fifteen minutes before the London close.

The silver price chopped sideways from there…but rallied slightly once the Comex closed, before trading sideways from 2:15 p.m. Eastern onwards.

Silver finished on Wednesday at $30.36 spot…down a nickel from Tuesday.  Volume was around 39,500 contracts.

The dollar index opened the Wednesday trading session in the Far East at 80.31…and then rallied slowly and steadily to its high of the day which came minutes after 9:30 a.m. Eastern time.  From there it chopped sideways before fading a bit into the close.  The index finished the Wednesday session at 80.61…up 30 basis points when all was said and done.

Once again the price activity in the precious metals on Wednesday had no co-relation to what was going on in the currency markets.

The gold stocks started off in positive territory, but got sold into the red very shortly after the equity markets opened in New York.  The low tick came minutes after 10:30 a.m. Eastern…even though the low price for gold came several hours after that.  From there, the stock prices moved very slowly higher…and the HUI finished down 0.55% on the day.

The silver stocks finished mixed, but managed to close in positive territory…and Nick Laird’s Intraday Silver Sentiment Index finished up 0.40% on the day.

(Click on image to enlarge)

The CME‘s Daily Delivery Report showed that only one lonely silver contract was posted for delivery on Friday within the Comex-approved depositories.

There were no reported changes in either GLD or SLV…and there was no sales report from the U.S. Mint, either.

There was more big activity over at the Comex-approved depositories on Tuesday.  They received 905,715 troy ounces of silver…and shipped 180,686 ounces of the stuff out the door.  The link to that action is here.

Here’s a chart and some commentary about gold that Washington state reader S.A. stole from somewhere yesterday.

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