Gold Daily and Silver Weekly Charts - Cap Cap, Gold, But Pop Goes Silver

An Erosion of Confidence

Precious metal prices jumped as stock prices took a dive this morning, but both were shoved back closer to 'the norm' by the end of the day.

Silver held up most of its gains, pushing up against resistance at 20. Gold is bumping its head rather hard against 1260.

The bullion boys were adjusting storage for delivery today, taking the total amount of deliverable ounces back up to the 496,000 level.   There was a little anomaly at Brink's that I have highlighted in blue, whereby about 523 ounces appeared courtesy of the adjustment fairies.  A drop in the bucket, as overall 56,306 ounces of bullion were warranted to the registered stash.

The goal is obviously to muddle through the February delivery period, looking for the calmer waters of non-active March.  As for the big sucking sound of bullion flowing from West to East, that can will be kicked down the road, until the road falls off el cliffo, apparently.

Have a pleasant evening.