Grant Williams speculation of another bank holiday around a gold price reset is one of my pet theories, and that's a day that lot of us are waiting for, including this writer.
The fact that JPMorgan is now long the gold in the Comex futures market, plus making every attempt to get out of their silver short positions during the last year, gives credence to the idea that the Anglo/American stranglehold on the precious metals prices, and thus the price of all commodities, is on its last legs. But how soon it will all come crashing down is unknowable, but it's coming.
In overnight trading, the prices of both gold and silver have been in slow decline ever since their respective rallies got capped in New York yesterday afternoon, but that decline accelerated a bit going into the London open this morning. Volumes are pretty light [as of 3:53 a.m. EST] in both metals at the moment, but I was mildly surprised that there was zero follow-through either in Far East or early London trading. This short covering rally was a New York based event only, and I have no idea as to what it may portend for the Comex trading session today.
And as I hit the send button on today's column at 5:20 a.m. EST, both gold and silver are still edging lower, and volumes are about "normal" for this time of day. Platinum and palladium are more or less trading flat. The dollar index, after taking a 25 basis point header during the Hong Kong afternoon session, is now back around unchanged.