JPM Customer Issues and Goldman Takes Another 54,100 Ounces of Gold For the 'House Account'

The receipts for another large chunk of bullion changed ownership from a JPM Customer to the Goldman 'house account' at $1,122 per ounce.

With all the usual caveats, and just taking note.

This is especially intriguing since Goldman has been publicly beating the drums for gold to drop well below $1000.  Perhaps, like Rick who moved to Casablanca 'for the waters,' they are merely misinformed.

We ought not to presume anything about how naive the customer might be, or the sly cunning of any particular buyer.  For all we know the 'customer' could be a large and highly competent ETF or fund, and not some naive or desperate or perhaps whimsical individual.

And as for the buyer and its motives, my friend Dave offered some possible insight on this phenomenon here.   

While it is a hypothesis based on a correlation founded in possibly disparate facts, it is no more untoward than those who will simply dismiss the whole thing, and apparently ascribe no significance to almost anything whatsoever, other than the price of gold and silver must go lower. There is no truth, and there are no fundamentals, when things and their values are merely what we say that they are.

And I am sure that all of this is simply more of God's work, and not sly cunning in service to earthly greed, from such a benevolent and public-spirited institution.

Gold Daily and Silver Weekly Charts - Bottom Watching - Icahn Buys Stake In Miner Freeport-McMoran

Gold took a gratuitous little hit on the NY open/London PM fix this morning. It was held down most of the day.

Silver managed to perk up nicely though, regaining the midpoint to the 15 handle. Next month will be more active for silver, and not so for gold.

Lets see if sparky can carry the day.

Not much ever happens at The Bucket Shop these days, so when Goldman takes 44,200 gold ounces for its house account as they did yesterday it is at least worth of note intraday which you can read about here.

I know, it's not that great, but it's something.  We're hard up for any real action here, except for the daily dump of paper to knock the prices lower in the AM with a slight recovery into the PM and then higher prices overnight.  Rinse and repeat the next day.

Chart formations for the precious metals have not meant much for, oh I don't know, about a year or so now.   Its just a steady knockabout lower, tap tap tap.

It may be dissipating.   Way to early to say.  But let's watch the chance for a rounding bottom here.  No charge for looking.  And after all, Summer is almost over.

Have a pleasant evening.


Related:   Carl Icahn Takes 8.5% Stake In Miner Freeport-McMoran

Check out those 1960's outfits and hairstyles. And that frilly blue cap?  Ouch!

SP 500 and NDX Futures Daily Charts - Walking the Dog

The revision to 2Q GDP came in higher than expected this morning.

Even more importantly, stocks did not fall out of bed overnight, so that gave the Streeters an opportunity to 'walk the dog' back up to less threatening levels after the decline on Monday got out of hand, compliments of the HFT algos.

Both of the futures I follow, the SP 500 and the NDX, have achieved a fifty percent retracement of the big decline. I have marked it on the charts.

Lets see if the dog walkers can keep the pooches in line for the close into the weekend tomorrow.

I know at least two aficionados of this pooch parade, Jan and Stan, who would like to see stocks recover in time for their big rate soiree in September.   Cannot have a paper with the dog messing the rugs.

They might well put down some heavy paper, and then go for it.  They may not get a better chance this year.

Have a pleasant evening.