SLV Short Positions falls 15.82%, GLD 9.91%, Ted Butler — Eyes Wide Shut

by Ed Steer, Silver Seek:

The gold price had a quiet down/up move in GLOBEX trading in the Far East on their Thursday morning — and gold’s high was set minutes after 12 o’clock noon China Standard Time on their Thursday afternoon. It was sold quietly and a bit unevenly down hill until about five minutes before the COMEX open. Its ensuing rally was allowed to last for fifteen minutes before it was capped and sold lower anew, with the low tick coming at 10:15 a.m. in New York. Its rally after that was capped minutes after 1 p.m. EDT — and it was sold very quietly lower until a minute or so after 4 p.m. in after-hours trading. It ticked a dollar or so higher going into the 5:00 p.m. close.

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The high and low ticks in gold recorded by the CME Group as $1,857.80 and $1,841.90 in the August contract. The June/August price spread differential in gold and the close yesterday was $4.00…August/October was $8.40…October/December was $9.70 — and December/February was $10.50 an ounce.

Gold was closed in New York on Thursday afternoon at $1,848.40 spot, down $4.70 from Wednesday. Net volume was very light at a bit under 122,000 contracts — and there was a bit over 11,500 contracts worth of roll-over/switch volume out of August and into future months…mostly December, but with a bit into October and February as well.

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Silver’s price path in the Far East was similar to gold’s up until noon CST. But it then traded flat until around 1:45 p.m. CST — and was sold lower at that point until around 9:35 a.m. in London. It chopped quietly sideways from there until the commercial traders appeared around 8:35 a.m. in New York — and about five minutes before the dollar index began its big ‘rally’. It was sold lower until around 10:45 a.m. EDT — and its ensuing rally was capped shortly after 1 p.m…just like the gold price — and it was sold quietly lower until exactly 4 p.m. in after-hours trading. It didn’t do a thing after that.

The high and low ticks in silver were reported as $22.165 and $21.535 in the July contract. The July/September price spread differential in silver was 9.3 cents…September/December was 17.8 cents — and December/March was 20.1 cents an ounce.

Silver was closed on Thursday afternoon in New York at $21.675 spot, down 35.5 cents from its close on Wednesday. Net volume was a tiny bit heavier than we’re used to seeing at 41,500 contracts — and there was a bit over 27,000 contracts worth of roll-over/switch volume in this precious metal…almost all into September, but with a bit into December as well.

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The platinum price wandered quietly sideways to a bit lower until a minute or two before 2 p.m. China Standard Time on their Thursday afternoon — and then the commercial traders of whatever striped appeared. It was stair-stepped lower until its low tick was set a couple of minutes before 4 p.m. in after-hours trading in New York. It rallied a couple of dollars from there until the market closed at 5:00 p.m. EDT. Platinum was closed at $971 spot, down 35 bucks on the day.

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Palladium stair-stepped its way higher until minutes before 12 o’clock noon China Standard Time on their Thursday morning – and then traded pretty much ruler flat until precisely 2 p.m. CST. It was also sold lower at that juncture — and the low tick was set minutes before the 11 a.m. EDT Zurich close. It then proceeded to chop quietly sideways until trading ended at 5:00 p.m. EDT. Palladium was closed at $1,866 spot, down 14 dollars from Wednesday.

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Based on the kitco.com spot closing prices in silver and gold posted above, the gold/silver ratio worked out to 85.3 to 1 on Thursday…compared to 84.1 to 1 on Wednesday.

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The dollar index closed very late on Wednesday afternoon in New York at 102.54 — and then opened higher by 2 basis points once trading commenced at 7:30 a.m. EDT on Wednesday evening, which was 7:30 a.m. China Standard Time on their Thursday morning. It wandered very quietly sideways to a bit higher from there until around 9:25 a.m. in London. It began to head lower from there until a rather sharp ‘rally’ commenced around 8:39 a.m. in New York — and that lasted until 10:19 a.m. The index continued to rally, but at a much quieter pace — and the high tick was set around 4:10 p.m. EDT. It faded from there by a hair until trading ended around 5:30 p.m.

The dollar index finished the Thursday session in New York at 103.22…up 68 basis points from its close on Wednesday.

Here’s the DXY chart for Thursday, thanks to marketwatch.com as always. Click to enlarge.

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And here’s the 6-month U.S. dollar index chart, courtesy of stockcharts.com as usual. The delta between its close…103.22…and the close on the DXY chart above, was a very tiny fraction of 1 basis point. Click to enlarge.

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Any correlation between precious metal prices, gold and silver in particular…and what was happening with the dollar index, was only because ‘da boyz’ made it so.

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