by Ed Steer, Silver Seek:
The gold price chopped quietly sideways to a bit lower in Globex trading overseas on Friday, but the sell-off became more serious staring around 11:20 a.m. GMT in London. It was engineered forcefully lower from there, with its low tick set around 11:05 a.m. EDT…five minutes after the London close. It was allowed to wander a bit higher from there until 1:10 p.m. — and then crept quietly and a bit unevenly sideways until the market closed at 5:00 p.m. EST.
The high and low ticks were reported as $2,051.90 and $2,034.30 in the April contract. The February/April price spread differential in gold at the close in New York yesterday was $15.40…April/June was $19.90…June/August was $17.90…August/October was $17.00 — and October/December was $16.70 an ounce.
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Gold was closed on Friday afternoon in New York at $2,024.40 spot, down $9.90 on the day. Net volume was ultra low at a bit over 100,500 contracts — and there were a bit under 15,500 contracts worth of roll-over/switch volume on top of that…mostly into June and August.
I noted that 62 gold and 7 silver contracts were traded in February yesterday — and it remains to be see what that translates into when the CME posts their updated Daily Delivery and Preliminary Reports later this evening.
Silver took about three quiet steps higher in early Globex trading on Friday, with its high tick coming minutes after the 8:00 a.m. London open. It then had a quiet down/up move that ended at or minutes after the 12 o’clock noon GMT afternoon gold fix — and it was rather brutally engineered lower from there until ‘da boyz’ set its low tick at the same time as gold’s…five minutes after the 11 a.m. EST London close. From that juncture it stair-stepped its way steadily higher until about ten minutes before trading ended at 5:00 p.m. EST.
The high and low ticks in silver were recorded by the CME Group as $22.795 and $22.420 in the March contract. The March/May price spread differential in silver at the close in New York on Friday was 21.5 cents…May/July was 21.4 cents…July/September was 16.4 cents — and September/December was also 16.4 cents an ounce.
Silver was closed in New York on Friday afternoon at $22.59 spot, up 6 cents from Thursday — and 30 cents off its Kitco-recorded low tick. Net volume was very light at a hair under 36,500 contracts — and there were a bit over 13,000 contracts worth of roll-over/switch volume out of March and into future months in this precious metal…mostly May, but with noticeable amounts into the other three scheduled delivery months of this year as well.