Gold and silver were quiet today, as the markets shifted from foot to foot waiting to see what the ECB and Monsieur Draghi were going to do tomorrow with regard to any change in policy, with an eye towards the unconventional.
One could make the case that the Euro has already priced in some easing, but nothing dramatic. I am not sure what to expect Europe to do to counteract their deflationary tendency caused by austerity, but they must do something I would think.
Friday is Non-Farm Payrolls in the States, and so we have two big events back to back that will likely affect the metals in some way.
We had our first big tranche of June gold contracts standing for delivery yesterday. That makes 133,600 ounces of gold bullion to date. Of course nothing has been reflected yet in the warehouse inventories. Mostly it seems as though the bullion banks are just shoving inventory around the plate. And compared to the world market, that inventory is sparse.
Comex is the tail, still wagging the dog it appears, but less so every day. Comex is largely the locus of the digital gold and silver trade.
Have a pleasant evening.
