by Ed Steer, Silver Seek:
The gold price wandered quietly sideways until around 12:30 p.m. China Standard Time in GLOBEX trading on their Friday afternoon — and from there it was sold quietly lower until the the commercial traders of whatever stripe pulled their bids when the jobs report was released at 8:30 a.m. in New York. Its low tick was set at, or minutes after, the 10 a.m. EDT afternoon gold fix in London — and its ensuing rally ran into ‘something’ around 12:45 p.m. It then traded quietly sideways to a bit higher until the market closed at 5:00 p.m. EDT.
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The high and low ticks in gold were recorded as $2,061.30 and $2,007.00 in the June contract. The June/August price spread differential in gold at the close in New York yesterday was $19.40…August/October was $19.00 — and October/December was $18.20 an ounce.
Gold was closed on Friday afternoon in New York at $2,017.60 spot, down $32.70 from Thursday — but around $35 dollars off its Kitco-recorded low tick. Net volume was very heavy at a bit under 228,000 contracts — and there were around 55,500 contracts worth of roll-over/switch volume out of June and into future months…mostly August and December, but with decent amounts into October, plus February of next year.
The silver price wandered quietly sideways until a few minutes after GLOBEX trading commenced in London — and from that juncture it was sold quietly and a bit unevenly lower until 8:30 a.m. in New York when ‘da boyz’ showed up in it as well. The engineered price decline in it was even more brutal than it was in gold — and its low tick was also set at the same instant as gold’s…minutes after 10 a.m. in COMEX trading in New York. Its spirited rally from there also ran into ‘something’ around 12:45 p.m. EDT — and after a brief dip, continued to creep higher until the market closed at 5:00 p.m. EDT.
The high and low ticks in silver were reported by the CME Group as $26.435 and $25.41 in the July contract. The May/July price spread differential in silver at the close in New York yesterday was 19.7 cents…July/September was 21.4 cents — and September/December was 32.9 cents an ounce.
Silver was closed in New York on Friday afternoon at $25.67 spot, down 34.5 cents from Thursday…but 56 cents off its Kitco-recorded low tick. Net volume was a bit on the heavier side at 64,500 contracts — and there were just about 4,100 contracts worth of roll-over/switch volume in this precious metal…mostly into September and December…but with a bit into March of the New Year as well.
The platinum price crawled quietly higher until shortly before 1 p.m. China Standard Time in GLOBEX trading on their Friday afternoon — and from that point it was sold lower until its low tick of the day was set around 12:20 p.m. CEST in Zurich. It took two rather broad steps higher from there, before running into ‘something’ minutes after 12 o’clock noon in New York — and it didn’t do much of anything after that. Platinum was closed at $1,060 spot, up 18 bucks from Thursday.
Palladium rallied a bit until noon CST in GLOBEX trading — and was then sold quietly lower until around 10:30 a.m. in GLOBEX trading in Zurich. It rallied unevenly higher from that point until it ran into ‘something’ minutes after 1 p.m. in COMEX trading in New York. From that juncture it was sold very quietly lower until the market closed at 5:00 p.m. EDT. Palladium was closed at $1,417 spot, up 40 dollars on the day — and would have obviously closed much higher than that, if allowed.
Based on the kitco.com spot closing prices in silver and gold posted above, the gold/silver ratio worked out to 78.6 to 1 on Friday…compared to 78.8 to 1 on Thursday.
And here’s Nick’s 1-year Gold/Silver Ratio chart, updated with the past week’s data and, as always yesterday’s data point of 78.6 to 1 is not on it for whatever reason. Click to enlarge.
The dollar index closed very late on Thursday afternoon in New York at 101.40 — and then opened lower by 6 basis points once trading commenced at 7:45 p.m. EDT on Thursday evening, which was 7:45 a.m. China Standard Time on their Friday morning. It ticked a bit higher right away — and then wandered quietly lower until exactly 8:00 a.m. BST…the London open. It then crept quietly higher until a minute before the jobs report hit the tape in New York — and blasted higher from there. That rally ended abruptly around 8:46 a.m. EDT — and from there it was sold unevenly lower until around 12:56 p.m. From that juncture it wandered a bit unevenly higher until minutes before 4 p.m. — and didn’t do a thing after that.
