The dollar index developed a negative bias right from the 6:00 p.m. Monday night open...and then really headed south very shortly after London open for trading at 8:00 a.m. BST...3:00 a.m. in New York.
From there, the index continued lower...and the low price tick [81.82] came just a few minutes after 11:00 a.m. Eastern. The subsequent rally into the close cut the daily loss by less than 10 basis points.
The dollar index close down a bit over 50 basis points...and you can see from the gold and silver charts that the decline had virtually no impact on their prices until around 11:30 a.m. in London, or 7:30 a.m. in New York. Only then did the rallies in the precious metals develop some legs...and by that time, half the decline in the dollar index was already in.
In my opinion, it's a stretch to say that there was any co-relation between currency movements and the precious metal prices yesterday.
Over at the Comex-approved depositories on Monday, they didn't receive any silver...but they shipped 1,063,729 troy ounces of the stuff out the door. The link to that activity is here.
Here are a couple of charts that Washington state reader S.A. sent me yesterday...and I seem to remember posting the first one, once before. But it fits like a hand in a glove with the second chart, so here it is again. Nothing has obviously changed over the millennia...governments debasing the currency to worthlessness.
From there, the index continued lower...and the low price tick [81.82] came just a few minutes after 11:00 a.m. Eastern. The subsequent rally into the close cut the daily loss by less than 10 basis points.
The dollar index close down a bit over 50 basis points...and you can see from the gold and silver charts that the decline had virtually no impact on their prices until around 11:30 a.m. in London, or 7:30 a.m. in New York. Only then did the rallies in the precious metals develop some legs...and by that time, half the decline in the dollar index was already in.
In my opinion, it's a stretch to say that there was any co-relation between currency movements and the precious metal prices yesterday.
http://www.caseyresearch.com/gsd/sit...21-470x307.gif
The gold stocks gapped up...and then stayed up. They hit their zenith around 11:00 a.m. Eastern time, about an hour after gold hit its high. From there, and up until half an hour before trading ended, the shares gave up over two percentage points of their gains, even though the gold price was trading sideways. Then, with thirty minute left, the HUI rallied into the close...and finished up 1.69%. But at its high, the HUI was up about 3.50%.Over at the Comex-approved depositories on Monday, they didn't receive any silver...but they shipped 1,063,729 troy ounces of the stuff out the door. The link to that activity is here.
Here are a couple of charts that Washington state reader S.A. sent me yesterday...and I seem to remember posting the first one, once before. But it fits like a hand in a glove with the second chart, so here it is again. Nothing has obviously changed over the millennia...governments debasing the currency to worthlessness.
http://www.caseyresearch.com/gsd/sit...us-469x322.png
http://www.caseyresearch.com/gsd/sit...nt-470x329.png