sept 17

Gold closed down .80 at $1234.40 (comex to comex closing time ). Silver was up 1 cents at $18.66
In the access market tonight at 5:15 pm
gold: $1223.40
silver: $18.54
gold fell in the access market as the FOMC released their statement as they will reduce bond purchases by 10 billion instead of 15 billion. They will continue with low rates to eternity:
the official release: (and gold falls on this????)
4:00 FOMC continues current pace of tapering; reduces bond purchases by add’l $10B/month to $15B Fed to reduce purchases of agency MBS to $5B/month from $10B Purchases of Treasuries will be reduced to $10B/month from $15B FOMC leaves fed funds rate unchanged at 0-0.25%, as expected Statement retains language of ‘considerable time’: The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee’s 2% longer-run goal, and provided that longer-term inflation expectations remain well anchored. There had been considerable debate as to whether the phrase ‘considerable time’ would be removed Statement retains phrase “significant underutilization of labor resources.” Vote 8-2 in favor, with Plosser and Fisher dissenting, each for different reasons Statement can be viewed at the attached link
GLD : no change in tonnes of gold at the GLD (inventory now at 788.22 tonnes)
SLV : today no change in silver inventory at the SLV/inventory oz/ rests at 339.486 million oz .
The big news today is the massive open interest remains elevated in silver on the comex. John Embry offers his insights to the silver conundrum.
I am sorry that my commentary tonight is awkward as I only have my laptop and I am unaccustomed to its use. However I did provide the key articles for you today. We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All months basically moved towards the positive needle as they must have found a few bars to lease. On the 22nd of September the LBMA will not publish GOFO rates. ( I guess the manipulation is getting to them)
London good delivery bars are still quite scarce.
Sept 17 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.152000% .1520000% .15400% .17200% .254000%
Sept 16 .2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
1500% .154000% .156000% .17400% .26200%
end
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on September 17, 2014.

 

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