By the way, the chart of the Canadian dollar ain’t lookin’ so hot, either. Here’s your “cute quota” of the day… Here’s the New York Spot Gold [Bid] chart, so you can see the Comex price action in more detail. It was basically the same thing in silver…and Nick Laird’s Intraday Silver Sentiment Index closed down 0.48%. Sponsor Advertisement No shades of grey here, as all four precious metals would have posted monster gains if JPMorgan et al hadn’t shown up. For Tuesday, gold finished down 0.35%…silver was down 0.54%…platinum was up 0.48%…and palladium was up an eye-watering 3.99%. One can only fantasize about their respective gains if they’d been left to their own devices…which they obviously weren’t. The dollar index closed at 83.64 late Friday afternoon in New York…and traded basically flat until early Tuesday morning in the Far East. It jumped up to 84.00 before falling back to the 83.70 mark shortly after 12 o’clock noon in London. The subsequent rally peaked out around 84.22 shortly before 11:00 a.m. in New York less than four hours later…and the index crawled higher into the close…finishing the Tuesday session at 84.24…up 60 basis points from Friday. It should be obvious to all but the willfully blind that the dollar index had Zip-a Dee-Doo-Dah to do with the precious metal price action yesterday…or on Monday. Here’s the chart showing the price action beginning at the Sunday night New York open…and on both Monday and Tuesday as well. (Click on image to enlarge) The CME’s Daily Delivery Report showed that 35 gold and 14 silver contracts were posted for delivery on Thursday…and the link to yesterday’s Issuers and Stoppers Report is here. Another day, another withdrawal from GLD. Yesterday an authorized participant withdrew 125,677 troy ounces…and as of 10:36 p.m. Eastern Daylight Time, there were no reported withdrawals from SLV. While on the subject of the above ETFs, the new short interest numbers were posted over at the shortsqueeze.com Internet site on Friday night…and I’m just going to steal what silver analyst Ted Butler had to say in his Saturday column, as it will save me some time… “The new short interest for stocks was reported on Friday evening…and indicated slight increases in the short positions for SLV and GLD, for positions as of May 15th. The short position for SLV increased by almost 700,000 shares/ounces, to just over 12.4 million shares/ounces. At around 3.7% of total shares outstanding, the short position is still well below previous peaks of 36 million shares and more than 12% of shares outstanding. There shouldn’t be any short interest in hard metal ETFs, but we need to keep things in perspective.” “The increase in GLD was only 130,000 shares (13,000 troy oz.), but the total of 28.3 million shares short may be a record and makes up almost 8.4% of total shares outstanding, a much more troubling amount.” Joshua Gibbons, the Guru of SLV’s Silver Bar List, updated his website for activity in that ETF as of Wednesday, May 22nd. I would have reported on it late last week, but was out of town…and I don’t have his website linked on my laptop. Here, in part, is what he had to say…”Analysis of the 22 May bar list, and comparison to the previous week’s list showed that 9,766,907.5 oz. were removed (all from Brinks London), 2,154,272.9 oz. were added (all to JPM New York), and no bars had a serial number change.” The rest of Joshua’s comments are linked here. It was a pretty decent sales day over at the U.S. Mint yesterday, as they sold 9,500 ounces of gold eagles…1,500 one-ounce 24K gold buffaloes…and a chunky 858,500 silver eagles. Only 1,011 troy ounces of silver were withdrawn from the Comex-approved depositories on Friday. That’s one good delivery bar. But in gold, these same depositories reported receiving 63,838 troy ounces…all of it into Canada’s Bank of Nova Scotia. The link to the gold activity is here. Australian reader Wesley Legrand sent me this very interesting paragraph from a big essay written by an Australian gold mining analyst yesterday…and I thought it worth sharing. “We analyze all the gold and silver companies on the Australian Stock Exchange. We have noticed in the last couple of years that Chinese interests have taken large positions in many gold companies. But the positions are all in companies that have large resources of cheap gold ounces in the ground, and are nearly all not viable at the US$1,600 per ounce gold price before the recent plunge. Do they know something?” – Dr. David Evans…goldnerds.com…26 May 2013 It’s a good bet that, like us, they know that the day approaches when these ounces will get repriced to some fantastic number. The Chinese are infinitely patient…and are obviously quietly preparing for that day. Here’s the chart of the Australian dollar as of the Wednesday trading day ‘down under’. It’s getting smoked…and I borrowed it from a businessinsider.com article early yesterday evening EDT that Roy Stephens sent me. (Click on image to enlarge) We appear to be in some sort of ‘holding’ pattern at the moment. We’ve been in this situation before on numerous occasions…and with a Commitment of Traders positions as wildly bullish as one could imagine, it just remains to be seen what will happen…or will be allowed to happen…when the inevitable rally begins. So far, every one has been squashed like a bug. Some day that won’t happen. But which that day that is, is both unknown and unknowable. However, it will come. While on the subject of the Commitment of Traders Report…yesterday at the 1:30 p.m. EDT close of Comex trading…was the cut-off for this Friday’s edition. The big improvements in market structure that both Ted Butler and I were expecting in last week’s report will probably materialize this week…as it’s my firmly-held belief that JPMorgan et al did not report their trading data in a timely manner last week. This situation first occurred during the drive-by shooting of April 12/15…and has occurred again with this latest report. Friday’s COT Report should be more instructive…as we got through the reporting week without any upside surprises. Of course there would have been a surprise to the upside if that had been allowed, but as you can tell from the graph above, every attempt ran into a short seller of last resort in the form of the high-frequency traders. Both gold and silver traded in a very tight range during Far East and early London trading on their Wednesday. Net volume in gold was very light as of 3:55 a.m. EDT…as we head into the final days of roll-overs out of the June delivery month. Silver’s gross volume is pretty light as well…and the dollar index, which had traded flat through most of Far East trading, began to head south shortly before 2:00 p.m. Hong Kong time…and is down about 17 basis points as of this writing. And as I hit the ‘send’ button on today’s effort at 5:10 a.m. EDT, gold is up about five bucks…but the other three precious metals are struggling…despite the fact that the dollar index is now down 26 basis points. Net volume in gold is continues to be very light…and silver’s volume has picked up a bit, but still falls into the very light category as well. First Day Notice numbers for delivery into the June gold contract will be posted on the CME’s website late on Friday evening EDT…and I’ll have all the details in Saturday’s column. That’s all I have for today, which is more than enough. See you here tomorrow. It’s been four days since my last column…and I have a large number of stories, despite my hacking and slashing, so I hope you can find the time for the ones that interest you. It occurred to me that in waiting for Mr. Big to show up in silver (or gold); I may have overlooked his arrival months ago. He didn’t come with a loud rap on the front door one fine day; he’s been coming everyday through the back window in the daily price takedowns and consistently improved COTs and ETF flows. What JPMorgan and the commercials have been able to achieve is remarkable and magnificent (if you overlook the illegality). These SOBs have pulled off an asset accumulation of the ages, accompanied all along with a bombardment of main stream media warnings to the public to get out of gold and silver. The only thing the MSM left out was that JPM and the commercials were buying everything the public was encouraged to sell. Add that to the perfect crime. – Silver analyst Ted Butler…25 May 2013 Another day…and another attempt to break above the $1,400 spot price mark that got crushed. As I mentioned further up…that makes six days in a row. Here’s the 3-month chart…and you can count the individual days yourself. Uranium Energy Corp. (NYSE MKT: UEC) is pleased to announce that the final authorization has been granted for production at its Goliad ISR Project in South Texas. As announced in previous press releases, the Company received all of the required authorizations from the Texas Commission on Environmental Quality, including an Aquifer Exemption which has now been granted concurrence from EPA Region 6. Amir Adnani, President and CEO, stated, “We are very pleased to have received this final authorization for initiating production at Goliad. Our geological and engineering teams have worked diligently toward achieving this major milestone and are to be truly commended. We are grateful to the EPA for its thorough reviews and for issuing this final concurrence. The Company’s near-term plan is to complete construction at the first production area at Goliad and to greatly increase the throughput of uranium at our centralized Hobson processing plant.” Please contact Investor Relations with questions or to request additional information, firstname.lastname@example.org. Another attempt to break above the $1,400 spot price mark that got crushed. With the U.S. closed for the Memorial Day holiday, there was no price action worthy of the description on Monday. The gold price got sold down a in both Far East and early London trading on their Tuesday…and by 8:50 a.m. in New York, gold was down a bit more than fifteen bucks from Monday’s close. The ensuing rally ran out of gas right away…and then the gold price sold down until 10:15 a.m. EDT…and then away it went to the upside once again, with a seller of last resort appearing as the price went vertical through the $1,400 mark about 11:40 a.m. EDT. It was all down hill from there into the 1:30 p.m. Comex close in New York…and after that, the price didn’t do much. The low and high price ticks of the day were the bookends to the above-mentioned rally, with the low tick at 10:15 a.m. printing $1,372.80 spot..and the 11:40 a.m. high tick printing $1,403.40 spot. It pretty much goes without saying the gold price would have finished materially higher if the not-for-profit sellers weren’t always lurking around. That’s the sixth day in a row that gold has breached, or has come within pennies of breaching, the $1,400 price mark…only to be sold off in a blizzard of paper gold on the Comex. Gold closed at $1,381.40 spot…down $4.90 from Friday’s close. I’m not reading a thing into Monday’s price action, so I’m using last Friday’s close as the point of reference for Tuesday’s price action. Net volume on both Monday and Tuesday combined was around 148,000 contracts. The platinum and palladium price charts showed even more astonishing breakouts…and both markets were in the process of going ‘no ask’ at the precise moment that a short seller of last resort arrived on the scene…11:40 a.m. in New York…the same as gold and silver. No “for profit” seller ever sells like that…ever!!! With the gold price down ten bucks from Friday’s close at the beginning of equity trading in New York on Tuesday, it’s understandable that the gold stocks struggled in the early going and, for the most part, followed the gold price around like a shadow. The HUI finished down 0.88%. The silver price chart looks suspiciously like the gold chart, with all rallies…along with the high [$22.73 spot] and low [$22.09 spot] price ticks…coming at the precise same moments. Silver closed at $22.27 spot…down twelve cents from Friday’s close. Gross volume for both trading days was around 57,500 contracts.