On Tuesday, both gold and silver started to decline at one of their usual times…about 3:00 a.m. New York time on Tuesday morning…with the bottom coming at the close of London trading. The price managed to recover somewhat after that…but once again (at 3:00 a.m. New York time on Wednesday morning) gold and silver prices began to decline. There was a temporary bottom at the London close again yesterday, but the recovery was short-lived, and both metals were taken down right into the close of after-hours trading on the Globex.

Monday’s activity showed another decline in gold open interest…down 2,312 contracts. Tuesday’s sell-off brought another o.i. decline in gold of 906 contracts. Without doubt, yesterday’s activity will show a further decline when the data becomes available later this morning.

In silver, Monday showed a decline of 1,600 contracts and Tuesday’s o.i. was up (surprisingly) by 730 contracts. I would suspect that Wednesday’s