After 48 hours of too many beers and not enough sleep, Turd is back in the saddle and ready for another wild and wacky, BLSBS Friday.
Let's keep this brief this afternoon. There are a few things we could cover but really, at this point, it's all about tomorrow. Today, a surprising ADP employment survey was the impetus to claw back the gains of Tuesday. Because of the significance of tomorrow, I had expected today and Tuesday to be about unchanged in total price. That's about how things worked out. We just got a little more volatility than I'd expected.
For the week so far, gold is up a grand total of $5.20. Silver is up a scant 6 cents. The action has always been planned for Friday, everything else has just been noise.
One interesting tidbit from the OI numbers, though. Back on Tuesday, when gold was up $24, the total OI surged by 9,200 contracts. As Ruprecht would say: That's a lot. At the same time, while silver was up 78c on the day, the silver total OI was down 500. So, we can safely assume that gold was surging on new buying while silver was climbing because of short covering. Hmmmm.
What's nice is that these numbers will be included in the CoT that is due out tomorrow so we'll get a chance to speculate a bit on just who was buying and/or covering. For the reporting week, gold was UP about $47 and the total OI was also up by over 14,000 contracts. For silver, though, the picture was different. Price rose by $1.19 but total OI fell by 3,400 contracts. The questions for the CoT are:
- In gold, who was buying?
- In silver, who was covering?
So, anyway, there's not much more to say at this point. It seems the entire world is "easing" today yet the metals were sold off because of the ADP. Rrrrright. The metals backed off because they were gamed all week ahead of the only data point that truly seems to matter anymore, the BLSBS. I'll be at my station tomorrow, watching The Shill, The Coug and LIESman discuss the data. Soon thereafter I'll report back to you with a new thread. Until then, I'm off to take a nap and prepare for what will surely be an interesting Friday.