03 January 2014

Gold Daily and Silver Weekly Charts - Release from the Year End Clamp Down

There was quiet trading as the northeastern US was digging its way out of Winter Storm Hercules.

Gold and silver have been rallying since the end of the December clamp down, but they most certainly have not yet broken out on the charts.

About 2700 ounces found their way out of the deliverable Comex inventory, bringing it back down to the 480,440,000 ounce level which is historically quite low.  This ought not to be an issue until the February delivery period arrives.  

There is sufficient gold in the Comex, but it might require higher prices to shake it loose.  As for the overall global supply situation for bullion, that is another story altogether.

See you next week.  Once again, Happy New Year!