Russia Mulls Eliminating Gold Tax to Boost Investment Demand

Russia Mulls Eliminating Gold Tax to Boost Investment Demand By: Ed Steer for Gold Seek

YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM

The gold price crawled quietly lower starting shortly after trading began at 6:00 p.m. EST in New York on Thursday evening — and the low of the day was set shortly after 3 p.m. China Standard Time on their Friday afternoon.  It began to edge higher from there, with the high tick of the day…such as it was…coming at 1 p.m. in New York.  It was sold a dollar and change lower by the 1:30 p.m. EST COMEX close — and didn’t do much after that.

 

Once again, the low and high ticks aren’t worth looking up.

 

Gold was closed on Friday in New York at $1,314.00 spot, up $4.20 on the day.  Net volume was fumes and vapours once again at a bit over 125,000 contracts — and there was around 11,200 contracts worth of roll-over/switch volume on top of that.

 

 

The silver price followed the same general price pattern in Far East trading on their Friday — and the low tick in this precious metal came very shortly before the London open.  A rather robust rally began at that point — and the price was capped and turned lower about twenty minutes after the COMEX open in New York.  It was sold back to the unchanged mark by the London close — and about an hour after that it began to head higher until a few minutes after 1 p.m. EST.  It didn’t do much after that.

 

The low and high ticks were reported by the CME Group as $15.65 and $15.86 in the March contract.

 

Silver was closed on Friday in New York at $15.805 spot, up 9 cents on the day.  Net volume was exceedingly quiet at about 42,200 contracts — and there was around 15,700 contracts worth of roll-over/switch volume in this precious metal.

 

 

The platinum price began to creep lower starting around 10 a.m. China Standard Time on their Friday morning — and it was down five bucks by the Zurich open.  About two hours after that, it began to edged quietly and unsteadily higher — and that lasted until 1 p.m. in New York.  It traded flat into the 5:00 p.m. EST close from there.  Platinum closed up 2 dollars on the day at $798 spot.

 

 

The palladium price chopped quietly sideways until Zurich opened — and then had a huge spike higher…which has now been erased from the Kitco chart below.  From that juncture it chopped very unevenly sideways until Zurich closed — and then crept higher until around 3 p.m. in the thinly-traded after-hours market.  It didn’t do much after that.  Palladium finished the Friday session in New York at $1,386 spot, up 21 bucks on the day…but certainly would have closed well above $1,400 spot, if allowed.  Kitco recorded the spot high tick at $1,412.

 

 

The dollar index closed very late on Thursday afternoon in New York at 96.51 — and gapped up 10 basis points the moment that trading began at 7:45 p.m. EST on Thursday evening, which was 8:45 a.m. in Shanghai on their Friday morning.  From there, it didn’t do much of anything until a minute or so before the London open.  It began to head quietly higher from that juncture, with the 96.69 high tick of the Friday session coming at 9:45 a.m. GMT.  It began to fade from that point — and it fell down to its 96.45 low around 8:38 a.m. in New York.  I suspect that the usual ‘gentle hands’ appeared once again — and it ‘rallied’ unsteadily higher until ten minutes after the COMEX close.  It then drifted sideways until trading ended at 5:25 p.m. EST.  The dollar index finished the Friday session in New York at 96.64…up 13 basis points from its close on Thursday.

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Gold Seek

Various authors presenting analysis and commentary on the precious metals, economy and precious metals mining markets.