by Ed Steer, Casey Research:
With the Globex/Comex closed for the Good Friday holiday, all four Kitco precious metal charts all looked like this.
The equity markets were closed as well, so there’s no HUI or Intraday Silver Sentiment Index—and no delivery report from the CME, nothing from GLD or SLV, the U.S. Mint, or the Comex-approved depositories.
The only thing that was open for business was the U.S. Dollar Index. It closed late on Thursday afternoon in New York at 97.53—and didn’t do much until about an hour before the job numbers came out at 8:30 a.m. EDT yesterday morning. At that point, it dropped around 30 basis points to around 97.21, before regaining a decent chunk of those loses. Then the job numbers came out—and by the time “gentle hands” showed up 30 minutes later at 9:00 a.m., the Index was down to 96.394—which was a loss of 114 basis points from Thursday’s close.
From that low, the index “rallied” until it reached the 96.80 level at precisely 1 p.m. EDT—and from there it traded more or less sideways into the close, finishing the Friday session at 96.766—which was down 73 basis points on the day.
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