Steal
23rd April 2010, 02:47 AM
found a good link, while searching for exact date of May options expiry for silver. Good article and worth the read.
I wouldn't read much into Wednesday's trading action in gold. The price spent most of the day vacillating between $1,140 and $1,150 spot. There was a bit of a breakout shortly after 11:30 a.m. in New York... but gold's attempt to break above $1,150 ran into firm selling at precisely 1:00 p.m. Eastern time... and by the end of the New York trading session was only up about six bucks from Tuesday. The spike high was reported as $1,151.70 spot.
Silver's price activity was a bit more interesting yesterday... but only barely. Silver's high in Far East trading was shortly before 4:00 p.m. in Hong Kong. From there it didn't do anything for the next three hours, but at precisely 10:00 a.m. in London, silver ran into some stiff selling pressure... with the low of the day [$17.70 spot] coming about 15 minutes after trading began on the Comex in New York. From that low... and in fits and starts... silver made it to its absolute high of the day [$18.16 spot] at the unusual time of 4:30 p.m. in electronic trading... and closed close to that high.
Like Tuesday, the dollar was not a factor in Wednesday's trading, either.
The shares managed to stay in positive territory yesterday... but for a while, it didn't look like that was going to be the case. The HUI finished up 1.06% on the day.
I mentioned in yesterday's report that, based on Tuesday's price action, there wasn't going to much change in open interest numbers when they were posted on Wednesday morning. How wrong I was! Gold open interest fell 6,617 contracts. Volume was 130,931 contracts. Silver open interest went the other way... up 1,145 contracts on 53,898 contracts... of which about 40% of that total was roll-overs. This shouldn't be a surprise, dear reader, as we're coming on options expiry for the May silver contract next Tuesday, so the action in the silver market will be fast and furious right up to that date... and first notice day on Friday, April 30th.
Both Ted Butler and I were surprised at these changes in open interest for Tuesday's trading, as there certainly wasn't the price action to warrant it... so we didn't know what to make of them. But all will be made clear [fingers crossed] in Friday's Commitment of Traders report... as these numbers will be included.
It was another quiet CME Delivery Report on Wednesday, as only 30 gold and zero silver contracts were posted for delivery tomorrow. There were no changes reported for GLD, SLV... or the U.S. Mint. The Comex-approved warehouses reported that their silver inventories rose by 590,835 troy ounces on Tuesday.
http://www.caseyresearch.com/displayGsd.php
I wouldn't read much into Wednesday's trading action in gold. The price spent most of the day vacillating between $1,140 and $1,150 spot. There was a bit of a breakout shortly after 11:30 a.m. in New York... but gold's attempt to break above $1,150 ran into firm selling at precisely 1:00 p.m. Eastern time... and by the end of the New York trading session was only up about six bucks from Tuesday. The spike high was reported as $1,151.70 spot.
Silver's price activity was a bit more interesting yesterday... but only barely. Silver's high in Far East trading was shortly before 4:00 p.m. in Hong Kong. From there it didn't do anything for the next three hours, but at precisely 10:00 a.m. in London, silver ran into some stiff selling pressure... with the low of the day [$17.70 spot] coming about 15 minutes after trading began on the Comex in New York. From that low... and in fits and starts... silver made it to its absolute high of the day [$18.16 spot] at the unusual time of 4:30 p.m. in electronic trading... and closed close to that high.
Like Tuesday, the dollar was not a factor in Wednesday's trading, either.
The shares managed to stay in positive territory yesterday... but for a while, it didn't look like that was going to be the case. The HUI finished up 1.06% on the day.
I mentioned in yesterday's report that, based on Tuesday's price action, there wasn't going to much change in open interest numbers when they were posted on Wednesday morning. How wrong I was! Gold open interest fell 6,617 contracts. Volume was 130,931 contracts. Silver open interest went the other way... up 1,145 contracts on 53,898 contracts... of which about 40% of that total was roll-overs. This shouldn't be a surprise, dear reader, as we're coming on options expiry for the May silver contract next Tuesday, so the action in the silver market will be fast and furious right up to that date... and first notice day on Friday, April 30th.
Both Ted Butler and I were surprised at these changes in open interest for Tuesday's trading, as there certainly wasn't the price action to warrant it... so we didn't know what to make of them. But all will be made clear [fingers crossed] in Friday's Commitment of Traders report... as these numbers will be included.
It was another quiet CME Delivery Report on Wednesday, as only 30 gold and zero silver contracts were posted for delivery tomorrow. There were no changes reported for GLD, SLV... or the U.S. Mint. The Comex-approved warehouses reported that their silver inventories rose by 590,835 troy ounces on Tuesday.
http://www.caseyresearch.com/displayGsd.php