08 December 2015

Gold Daily and Silver Weekly Charts - Ol' Man River

Ol' Man River, that Ol' Man River
He must know somethin' but he don't say nothin'
He just keeps rollin', he keeps on rollin' along.

Just like gold, which keeps rolling along, from West to East.

South African headquartered multinational mining company Anglo-American was taken out and beaten with an ugly stick in London on the news that they were suspending the dividend and laying off about 85,000 workers.

Anglo is a member of the FTSE 100. They are one of the world's largest producer of platinum, and a major producer of diamonds, copper, nickel, iron ore and metallurgical and thermal coal.

So much for commodities that support the real economies of the world.

Gold held its value rather nicely, with silver given up just a few cents.

And surprise, there was an actual delivery of gold at The Bucket Shop yesterday, even though it was primarily a 'house to house' delivery of gold from GLD custodian HSBC to metals hump JPM.  Let's see if JPM is the big stopper as they were in the last active month, should anyone decide to try to take delivery of something in size.

There was nothing done in silver delivery which is a bit of a change of pace.

As for the warehouses, there was the customary slow leakage in both gold and silver.

In other words, the usual nonsense.

Have a pleasant evening.