Gold's on the Cusp of a Parabolic Move Up: John Embry
The gold price had another relatively quiet trading day on Thursday. The price didn't do much until shortly after the lunch hour had begun in London… and from there it got sold off to its low of the day [$1,159.10 spot] in New York… which occurred [according to the NY Spot Gold [Bid] chart] at the London p.m. gold fix at 10:00 a.m. Eastern time. From that low, gold rose in fits and starts until it reached its high of the day [$1,170.00 spot] at precisely 1:30 p.m… which was the close of Comex trading. From there it traded sideways for the rest of electronic trading in New York.
Silver's price path was the same as gold's for most of the day… with the low [$17.46 spot] coming at 8:30 a.m… shortly after Comex trading began. Silver's high [$17.78 spot] came in a small price spike right at the close of electronic trading at 5:15 p.m in New York on Thursday afternoon… only to be reversed [with interest] fourty-five minutes later when Far East trading began Friday morning in the Far East.
From the open of Far East trading on Thursday morning… right up until 9:30 a.m. Eastern time in New York… the world's reserve currency fell about 65 basis points. From there it traded sideways for the rest of the day. This had little affect on the gold price, as is usually the case when the bullion banks are doing their thing… like they were yesterday from 7:00 a.m. to 10:00 a.m. Eastern time.
It was difficult to tell whether the precious metals shares were following the gold price action… or the Dow price action. But when the smoke had cleared, the HUI had finished up 0.39% on the day.
The CME Delivery Report filed late Thursday evening was a surprise… as they posted deliveries for the August contract a day early… as I was under the impression that today [Friday] was first notice day… not Thursday. In gold, JPMorgan was the big issuer with 3,685 contracts, which represented about 99.5% of all contracts issued for delivery. The big stopper was HSBC USA with 2,064 contracts… with the balance spread out over several dozen other companies. Having these two particular bullion banks show up as the major issuers in this report should be no surprise to anyone… as these two companies are the ringleaders in the gold and silver price suppression scheme… and hold about 99% of all gold derivatives held by U.S. banks… at least according to the last OCC report.
In silver, the CME Delivery Report showed that 4 silver contracts were issued for delivery today in the July contract… plus 1 silver contract to be delivered on August 2nd.
The link to all this rather astonishing action is here… and I urge you to spend some time looking it over.
There were no changes reported in either GLD or SLV… and no sales reported by the U.S. Mint. But over at the Comex-approved depositories, they reported a net silver withdrawal of 318,038 troy ounces on Wednesday. The link to that action is here.