The Phaserl


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

by Ed Steer, Gold Seek:

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.

Here’s the 5-minute tick chart for silver courtesy of Brad Robertson. The only reason I’m posting it is to show the JP Morgan-engineered smack-down that occurred shortly after 10:00 p.m. Denver time — and the volume spike that accompanied it. There certainly was nothing free market about that event. There was also big volume on the sell-off that happened minutes after the COMEX open [06:30 a.m. MST] when silver tried to break out to the upside — and got hammered lower for its efforts.

The vertical gray line is 10:00 p.m. Denver time, midnight in New York — and 1:00 p.m. China Standard Time [CST] the following afternoon in Shanghai—and don’t forget to add two hours for EST.

Platinum didn’t do much yesterday, or wasn’t allowed to do much…you choose. It spent most of the day in negative territory — and all rally attempts appeared to be carefully turned aside. But it did rally enough in late New York trading to close exactly unchanged at $966 spot.

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