The Big 8 Shorts et al. Dig Themselves in Deeper

Yesterday in Gold, Silver, Platinum and Palladium

by Ed Steer

The gold price certainly didn’t do much yesterday in Far East and London trading, but its rally into the 10 a.m. EST afternoon gold fix in London was dealt with in short order — and it was sold lower until a few minutes before the 11 a.m. EST London close. It crawled quietly higher from that point until trading ended at 5:00 p.m. in New York.

The high and low ticks were reported as $1,852.70 and $1,832.00 in the February contract. The February/April price spread differential in gold at the close yesterday was $4.00…April/June was $2.70 — and June/August was only $2.30.

Gold was closed in New York on Friday afternoon at $1,838.10 spot, down $3.20 on the day. Net volume was very light at a hair under 159,000 contracts — and there was a tiny bit under 13,000 contracts worth of roll-over/switch volume on top of that.

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