Silver Closes At Another 30-Year High

YESTERDAY IN GOLD AND SILVER

Wednesday's price action wasn't particularly exciting… with the gold price hovering around unchanged by the time that Far East… and most of London trading… was done… and the New York open came around.  Once the London p.m. gold fix was in at 10:00 a.m. in New York, the gold price ran up a quick five bucks or so… and then did next to nothing for the rest of the day.


Silver was up about 15 cents by the time New York trading began yesterday morning… and then added about a dime after 10:00 a.m. Eastern before trading sideways into the close.

The world's reserve currency gave back almost all of its Tuesday's gains during Wednesday's trading day.  Between the open in the Far East… and 11:00 a.m. in New York, the dollar slide a bit over 20 basis points.  Then, at 11:00 a.m. sharp, the dollar sell-off became somewhat more serious… and by 1:15 p.m. Eastern was down another 50 basis points before recovering a hair into the New York close.

And, like Tuesday, the dramatic dollar action had no effect whatsoever on gold or silver prices.

The gold shares pretty much followed the gold price 'action'… such as it was… and the HUI closed up 0.45% on the day.  As I mentioned yesterday, once the Toronto stock market opened yesterday for the first time since December 24th, the junior silver and gold companies went on a tear… especially the smaller silver companies… with gains in the 6-12% range a common sight.

The CME Delivery Report wasn't overly exciting either… as only 43 gold and 22 silver contracts were posted for delivery on Friday.  JPMorgan, Bank of Nova Scotia and Deutsche Bank were front and centre as per usual.  The link is here.

There were no reported changes in either GLD or SLV yesterday… and no sales report from the U.S. Mint, either.

However, over at the Comex-approved depositories, another big chunk of silver was withdrawn from their collective inventories on Tuesday.  This time it was 614,039 troy ounces… and the link to that action is here.