Gold & Silver - Discussions

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  • davefairtex's picture
    Jul 4 2015 - 10:12am by davefairtex

    On Friday, the US market was closed for the 4th of July weekend.

    On the week, gold fell -8.50 [-0.72%], silver fell -0.10 [-0.60%], GDX dropped -2.54% and GDXJ lost -4.10%.  It was another bad week for PM.

  • davefairtex's picture
    Jul 3 2015 - 2:40am by davefairtex

    Gold fell -2.60 to 1165.20 on moderately heavy volume, and silver rose +0.13 to 15.65 on moderately light volume.  Gold sold off steadily starting in Asia and London, only to rally sharply immediately following the Nonfarm Payrolls report at 0830 EDT, which came in unexpectedly soft, pushing gold back up to almost even and printing a hammer candle.  Silver looked stronger - moving sideways during London and rallied along with gold following Nonfarm Payrolls.

  • davefairtex's picture
    Jul 2 2015 - 2:45am by davefairtex

    Gold fell -4.30 to 1167.80 on moderately light volume, and silver dropped -0.14 to 15.52 on moderately light volume also.  Both metals sold off slowly for most of the day; the strong move in the dollar was probably to blame.

    Although gold avoided making a new low today, if the dollar continues to rally, gold will almost certainly retest the lows at 1140.

    Silver looks quite similar to gold; a retest of 15.25 seems probable.

  • davefairtex's picture
    Jul 1 2015 - 3:02am by davefairtex

    Gold fell -7.50 to 1172.10 on moderately heavy volume, and silver dropped -0.09 to 15.66 on heavy volume. Both metals sold off, with both gold and silver making new cycle lows just after 11:00 EDT, after which both rebounded substantially, although the bulk of the rebound lasted only about an hour or two.  There appear to be buyers at COMEX for gold below 1170 and for silver below 15.50, but they seem unwilling to chase prices higher.

    The dollar rose substantially today, which definitely put pressure on gold.

  • davefairtex's picture
    Jun 30 2015 - 4:22am by davefairtex

    Gold rose +5.90 to 1179.60 on moderately heavy volume, and silver rose +0.01 to 15.76 on heavy volume.  Both metals gapped up higher at the open in Asia driven higher by the Greek default news, but were then sold all day long.

  • davefairtex's picture
    Jun 27 2015 - 2:24pm by davefairtex

    On Friday, gold rose +1.30 to 1173.70 on moderately light volume, while silver dropped -0.06 to 15.74 on heavy volume.  Silver was hit at around 3am EDT, with silver plunging 35 cents to 15.45 on a huge spike lower.  Gold made its low right before US market open at 9:15 EDT.  Both metals recovered, with silver's bounce being the more dramatic of the two.

    Silver made new lows on the day. 

    On the week, gold ended down -26.10 [-2.18%], silver fell -0.30 [-1.90%], GDX dropped -2.95% and GDXJ lost -2.74%.  It was an unpleasant week for PM.

  • davefairtex's picture
    Jun 26 2015 - 4:06am by davefairtex

    Gold fell -1.80 to 1172.40 on moderately light volume, while silver fell -0.05 to 15.81 on moderately heavy volume.  Both metals traded mostly sideways and lower in a narrow range.  Trading was relatively quiet.

    Gold managed to avoid making a new low today, which is about the only positive thing I can say.  It continues to look weak.

  • davefairtex's picture
    Jun 26 2015 - 4:04am by davefairtex

    Gold fell -1.80 to 1172.40 on moderately light volume, while silver fell -0.05 to 15.81 on moderately heavy volume.  Both metals traded mostly sideways and lower in a narrow range.  Trading was relatively quiet.

    Gold managed to avoid making a new low today, which is about the only positive thing I can say.  It continues to look weak.

  • davefairtex's picture
    Jun 25 2015 - 10:50am by davefairtex

    Gold fell -3.60 to 1174.20 on moderate volume, while silver rose +0.05 to 15.85 on heavy volume.  Gold made a new low on the day, touching 1168.10 about an hour before NY market open, and spent the rest of the day struggling to bounce back.  Silver traded sideways in a narrow range, with an upward bias.

  • Jim H's picture
    Jun 24 2015 - 2:13pm by Jim H

    Worth a read;

    http://investmentresearchdynamics.com/comex-silver-is-the-most-corrupted...

    The silver paper futures open interest is now officially over a 1 billion ozs., most of which represents a naked short position in silver.   Never in the history of the markets has any futures market been this extraordinarily disconnected from the amount of underlying physical commodity that is available to deliver against those contract open interest.