Gold Daily and Silver Weekly Charts – Short Squeeze – Silver Bells

Jon Banking, Blogosphere, Civil Unrest, Economy, Fiscal Policies, Gold, Market Commentary, Precious Metals, Silver

Gold and silver had a nice rally today, that was fairly obviously the snapping shut of the jaws on a metals bear trap.
There was intraday commentary about this here.
There were no deliveries of gold at The Bucket Shop, and no movement of gold in their domestic warehouses. There was the usual chunk of bullion delivered out of the Brink’s warehouse in Hong Kong, more than all the registered for delivery gold in New York in a single day.
Do you get the feeling that gold bullion is under a kind of informal lockdown in the New York market? I can see why one might think so.
There was a bit more action in silver deliveries this month, thanks in most part to CNT which is using their warehouse to handle their wholesale business. However, yesterday there was only the usual slow leakage of silver bullion out of the other warehouses. JPM is still sitting on a sizable hoard.
The dollar gained back a little bit of the enormous hit it took yesterday in the DX index. That seemed counter-intuitive to some, since it was on the day when the Lady Yellen indicated the strong bias to raising interest rates, as opposed to Draghi and the ECB who cut, and are pledged to do ‘whatever it takes.’
Let’s see if gold and silver can turn this thing around and follow through next week.

This post was published at Jesses Crossroads Cafe on 04 DECEMBER 2015.