Gold was hit early and then held lower most of the day in NY trade after some strength overnight.
You might make a rubber stamp out of that sentence and it would serve as the daily commentary for most occasions.
Silver showed a little more life, but still remains quite undervalued relative to gold.
The action in the warehouses yesterday was a bit telling, especially if you look at JP Morgan. They withdrew quite a chunk of the gold which had been up for delivery during the active month. The current amount of 'deliverable' gold at these prices is back down to 324,677 troy ounces, or about 11 tonnes.
I think the hypothesis that suggests that JPM is a key member of the existing Gold Pool, and perhaps with a hand in silver as well, is not a bad one to keep in mind. They are certainly the major source of silver bullion at The Bucket Shop, and the seeming captain of the gold supply to facilitate delivery at lower than market clearing prices as needed.
But time alone will tell.
Have a pleasant evening.
