Gold Daily And Silver Weekly Charts - Currency Wars
Early this morning I put out an update on the state of the currency war. I suggest that you take a look at this short piece which I added to the Russia gold reserve update here.
The metals were the same old, same old. They were hit twice in the morning, in London and then New York, and rallied into the close to gain back most of what had been lost yesterday.
The metals are largely moving sideways here, and the wiseguys are trying to shake some metal out of loose hands.
It worked a bit in gold. If you look at the delivery report showing yesterday's action, you can see that a customer of JPM let some bullion go, and JPM and Nova Scotia picked it up for their house accounts.
I also show the warehouses for both gold and silver below.
While the actual movement of the metals is not unique compared to the recent status quo, I thought it was impressive to see the amount of physical silver being held by JPM. While we do not know if those are for their accounts or customers, it is still noticeable.
As for gold, most of the Comex gold is being held by HSBC and Scotia Mocatta, although there is also a 'kilo gold only' report that I normally do not show that is dominated by Brinks. I do not show it because the report has no registered bullion, merely kilo storage at least since they have been issuing it as a new report.
Have a pleasant evening.
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