first_img 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, [email protected] Platinum got sold down a bit yesterday…and palladium traded sideways.  Here are the charts… The current situation…grotesque as it is…can’t continue indefinitely. The gold price didn’t do much in Far East trading, but tried to rally around noon in London…and then again once the London p.m. gold fix was in at 10:00 a.m. EDT…but both rallies met with the same fate…a seller of last report.  After the second rally got capped, the gold price didn’t do much for the remainder of the trading day in New York. Gold’s high price tick of $1,261.00 spot came shortly after 10:00 a.m. EDT. The gold price closed the Wednesday session at $1,252.50 spot…up $10.10 on the day.  Not surprisingly, with everyone in New York heading out early, the net volume was a smallish 117,000 contracts. The gold stocks chopped around in positive territory yesterday on Wednesday…and even though the gold price gained back every dollar it lost during the Tuesday trading session, the HUI was only up 1.68 percent by the early 1:00 p.m. EDT close. The silver price followed a similar path…and the blast off after the noon London silver fix probably made it past the $20 spot price mark for a moment…and a not-for-profit seller had a throw a fair amount of paper silver at it before the rally collapsed.  The rally at the 3 p.m. BST gold fix met the same fate…and after that, the price traded flat for the remainder of the New York session. Kitco recorded the New York high tick as $19.97 spot. Silver finished the day at $19.72 spot…up 34 cents from Tuesday.  Not surprisingly, with both rallies getting hit hard, net volume was pretty hefty…around 38,000 contracts. The dollar index closed late Tuesday afternoon in New York at 83.54.  Once trading began in the Far East on their Wednesday, the dollar rallied a hair…up to 83.68…by 9:00 a.m. BST in London.  It was all down hill from there, with the spike low of 83.12 coming a few minutes after 11:00 a.m. in New York.  The index recovered a handful of basis points from there…and closed at 83.24…down 30 basis points on the day. Sponsor Advertisement (Click on image to enlarge) The CME’s Daily Delivery Report showed that Wednesday was another JPMorgan/Bank of Nova Scotia duet in both metals.  There were 10 gold and 221 silver contracts posted for delivery within the Comex-approved depositories next Tuesday.  In silver, Canada’s Bank of Nova Scotia was the short/issuer on 202 contracts…and JPMorgan Chase was the only long/stopper of note, with 192 contracts in its proprietary trading account…and 22 contracts for its client account.  The link to yesterday’s Issuers and Stoppers Report is here. There were no reported changes in either GLD or SLV yesterday…and no sales report from the U.S. Mint, either. Over at the Comex-approved depositories on Tuesday, they didn’t report receiving any silver…but they did ship 428,838 troy ounces out the door for parts unknown.  The link to that activity is here. They didn’t report receiving any gold…but Canada’s Bank of Nova Scotia reported shipping out a couple of kilo bars of the stuff…64.30 troy ounces. I have the usual number of stories for a mid-week column…and I hope you find the time to read the ones that you deem worth your while. The metal that came out of the GLD and other gold inventories [In the first half of 2013] was, obviously, bought by someone (I contend that JPMorgan is the prime candidate). There are two factors here – investor liquidation in GLD (and not in SLV) and, separately, the requisite purchase of the shares or the metal by counterparties. The reason so much gold came out of the GLD was that by buying it as metal first converted from shares of the ETF, JPMorgan could buy it without publicly reporting ownership, as they would have had to do if they purchased the shares of GLD that were sold. In SLV, there was metal bought by JPM on liquidations, just nowhere near as much (in dollar terms) as the gold that was liquidated in GLD. – Silver analyst Ted Butler…03 July 2013 It was obvious from the price action in both London and New York yesterday that both silver and gold wanted to rally…and it was equally as obvious that there were sellers of last resort waiting to nip these rallies in the bud…and that’s what happened.  Nothing, for the moment, has changed. But that still hasn’t altered the fact that at some point in time, certainly not known to us, there will be a price adjustment to the upside that will shock everyone, me included. I’m very comfortable making that claim, as the current situation…grotesque as it is…can’t continue indefinitely. With the U.S. summer holidays officially ‘on’ as of today, it’s hard to tell when all of the above will transpire…but transpire it will. As I mentioned in this space yesterday, we’ll get the jobs numbers at 8:30 a.m. EDT and, as always, it will be interesting to see how gold and silver ‘react’ to the news…or are allowed to react.  We’ll know soon enough. In overnight ‘trading’ in the Far East on Thursday…if one wishes to dignify it with that name…everything is as quiet as church mouse…with no price action or volume worth mentioning…and the dollar index is comatose as well.  The London market opens in about ten minutes from now as I write this paragraph…and it will be interesting to see what transpires at that juncture. As I hit the ‘send’ button at 4:15 a.m. EDT…the London market has been open for a bit over an hour…and nothing is happening there, either.  Volumes are still microscopic…and the dollar index is not doing a thing…so I’m off to bed early. If everything is this quiet for the remainder of today, then it’s pretty much a given that I won’t have a column on Friday…and an extra day off would be nice.  However, I will have a column on Saturday…although it will be as short as I can possibly make it, as there will be no Commitment of Traders or Bank Participation Reports to talk about. See you then. It was the same story with the silver stocks.  Even though the silver price gained back more than it lost on Tuesday, Nick Laird’s Intraday Silver Sentiment Index gained back only 2.60%.  It was down 5.01% on Tuesday, in case you’d forgotten.last_img