A Pretty Ugly COT Report in Gold

A Pretty Ugly COT Report in Gold from Gold Seek

– Ed Steer


The gold price was sold lower just a few minutes after trading began at 6:00 p.m. EDT on Sunday evening in New York.  It began to recover about fifteen minutes later — and managed to crawl higher…back above the $1,400 spot mark.  The high tick was set a few minutes after the London open — and it didn’t do much from there until ‘da boyz’ went to work at the 8:20 a.m. EDT COMEX open on Monday morning. The low tick was set at precisely 4:00 p.m. in the thinly-traded after-hours market — and it recovered a few dollars into the 5:00 p.m. close from there.

The high and low ticks were reported by the CME Group as $1.409.90 and $1,393.80 in the August contract.

Gold was closed in New York yesterday at $1,395.10 spot, down $3.20 from Friday.  Net volume was very decent at a bit over 261,000 contracts — and roll-over/switch volume out of August and into future months was pretty healthy at a bit under 62,000 contracts.

The silver price was guided in a similar manner as gold’s, with the only real difference being that after a minor three-hour long sell-off in morning trading in London, it managed to rally to its high of the day by the COMEX open in New York.  But twenty minutes or so later, JPMorgan et al worked their magic and, like gold, was sold down to its New York low by exactly 4:00 p.m. EDT in the after-hours trading.  It rallied a few pennies into the 5:00 p.m. close from there.
The high and low ticks in silver were recorded as $15.15 and $14.985 in the September contract.
Silver was closed at $15.005 spot, up 4 cents from Friday.  Net volume was actually pretty light at a hair over 42,500 contracts — and there was just under 6,000 contracts worth of roll-over/switch volume in this precious metal.
The platinum price stair-stepped its way quietly higher until shortly after 11 a.m. in Zurich trading — and then was sold lower and back to almost unchanged by 9 a.m. in New York.  It then rallied at a pretty good clip until around 11:20 a.m. EDT…but then was sold lower until noon — and it didn’t do much of anything for the remainder of the Monday trading session.  Platinum was closed at $815 spot, up 7 bucks from Friday.
The palladium price was down about 12 dollars by shortly after the Zurich open on their Monday morning — and the big rally that followed got capped an hour later.  From that point, like platinum, it was sold very unevenly lower until around 11:20 a.m. in New York.  From that juncture it also chopped very quietly sideways into the 5:00 p.m. EDT close of trading.  Palladium was closed at $1,545 spot, down 9 dollars from Friday.
The dollar index closed very late on Friday afternoon in New York at 97.29 — and opened down 6 basis points once trading commenced around 6:35 p.m. EDT on Sunday evening.  It edged very quietly and unevenly lower from there — and the 97.16 low tick was set at 9:30 a.m. in London.  A ‘rally’ commenced at that point — and it chopped quietly higher until precisely 12:00 noon in New York.  The 97.42 high tick was set at that juncture.  It then crept unevenly sideways until trading ended at 5:30 p.m. EDT.  The dollar index finished the Monday session at 97.38…up 9 whole basis points from Friday’s close.

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Gold Seek

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