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Almost 1,000 Tonnes of Silver Withdrawn From SLV Since December 1, 2014

by Ed Steer

Yesterday In Gold & Silver

The gold price rallied in early Far East trading on their Wednesday morning before getting capped in heavy volume around 2:30 p.m. Hong Kong time. It got sold down about six bucks from there, but once the noon London silver fix was in, the price rallied anew as the dollar index began to roll over in earnest. Then someone hit the “sell precious metals/buy the U.S. dollar” button at the 9:30 a.m. EST open of the equity markets in New York—and shortly before 10:30 a.m. the gold price was at its low tick of the day—and back below the $1,300 spot level, which had it had breached to the upside in afternoon trading in the Far East earlier on their Wednesday. It recovered about ten bucks of that sell-off by 2:30 p.m.—and quietly sold down a bit during the remainder of the electronic trading session.

The high and low tick were reported by the CME Group as $1,307.00 and $1,284.60 in the February contract.

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