JP Morgan’s COMEX Silver Stash Tops 83 Million Troy Ounces

Sunday, January 8, 2017
By Paul Martin

By Ed Steer
GoldSeek.com
Sunday, 8 January 2017

The gold price was under a bit of selling pressure during the Far East trading session on Friday. That lasted until the London open — and then it rallied back towards unchanged. That rally, such as it was, got cut off at the knees at precisely 11:00 a.m. GMT in London. From there it chopped lower until the low tick of the day was placed around 2 p.m. EST in the thinly-traded after-hours market in New York. It inched quietly higher from there into the close.

Gold traded within a ten dollar price range everywhere on Planet Earth on Friday, so I shall dispense with the high and low ticks.

Gold finished the Friday session in New York at 1,172.20 spot, down $8.00 from Thursday’s close. Net volume was very high once again at just under 195,000 contracts.

Silver was down about a nickel by shortly before 1 p.m. China Standard Time on their Friday afternoon. Then, as I said in The Wrap in Friday’s column, ‘da boyz’ spun their algos, pulled their bids — and silver was down two bits in seconds. It chopped very unsteadily higher from there — and every rally attempt that looked like it was going to break above unchanged, was stopped in its tracks, especially the one that started at the COMEX open. Silver was pretty much forced to trade sideways for the entire Friday session.

The high and low ticks in this precious metal were recorded by the CME Group as $16.715 and $16.26 in the March contracts.

Silver closed yesterday at $16.435 spot, down 11 cents from Thursday’s close. Net volume was pretty impressive once again at just under 64,000 contracts.

The Rest…HERE

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