Ted Butler: The Silver Pressure Cooker; hefty deposit into SLV

Ted Butler: The Silver Pressure Cooker; hefty deposit into SLV via Silver Seek

YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM

The gold price trended mostly unevenly lower in Far East trading on their Friday, with its Far East low coming at 2 p.m. China Standard Time on their Friday afternoon.  From there it didn’t do much until shortly after the London open — and at that point, the dollar index began to head lower.  The gold price rallied until the 10:30 a.m. BST morning gold fix — then it traded unevenly sideways, with the high tick of the day coming a few minutes after 8:30 a.m. in New York.  It was sold quietly lower from there — and the low tick was set around 12:40 p.m. EDT.  It was allowed to rally a bit from there, but the moment it poked its nose back above $1,800 spot, there was someone there to make sure it didn’t close above it — and it trended a few dollars lower until the market closed at 5:00 p.m. EDT.

The high and low ticks, both occurring in the COMEX trading session in New York, were recorded by the CME Group as $1,817.00 and $1,796.50 in the August contract.  The July/August price spread differential at the close on Friday was $3.70… August/October was $13.70 — and October/December was $15.70.

Gold was closed in New York on Friday afternoon at $1,798.60 spot, down $3.90 from Thursday.  Net volume was very decent at 172,000 contracts — and there was 48,000 contracts worth of roll-over/switch volume out of August and into future months…mostly December and October, although there continues to be very decent roll-over/activity out into 2021.

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The silver price crept a few pennies higher until shortly before 1 p.m. China Standard Time on their Friday afternoon — and was also sold lower until exactly 2:00 p.m. CST.  It also began to head higher starting shortly after the London open — and that lasted until the noon silver fix over there.  It was quietly and unevenly down hill from that point until minutes after 10 a.m. in New York.  It was only allowed to recover a few pennies from that juncture — and then it didn’t do much for the remainder of the Friday session.

The low and high ticks were reported as $18.91 and $19.195 in the September contract.  The August/September price spread differential in silver at the close yesterday was 7.0 cents — and September/December was 17.8 cents.

Silver was closed on Friday afternoon in New York at $18.68 spot, up 4 cents on the day.  Net volume was on the heavier side at a bit under 58,000 contracts — and there was about 3,400 contracts worth of roll-over/switch volume on top of that, most of which ended up in December.

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The platinum price jumped up a bit in very early morning trading in the Far East — and then crept lower until shortly before 1 p.m. CST and, like the other three precious metals, was sold down until exactly 2:00 p.m. CST.  It headed unevenly higher from there until a few minutes before the 11 a.m. EDT Zurich close — and then was sold quietly lower until the 1:30 p.m. COMEX close.  It shed a few more dollars in after-hours trading.  Platinum was closed at $812 spot, down 6 dollars on the day — and 32 bucks off its Kitco-recorded high tick of the day.

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The palladium price jumped quietly around the unchanged mark right up until 9 a.m. in New York.  It headed higher from there until it ran into ‘something’ at the 11 a.m. EDT Zurich close — and from there it traded quietly and unevenly sideways until trading ended at 5:00 p.m. EDT.  Palladium finished the Friday session at $1,916 spot, up 34 dollars from its close on Thursday — and back above its 200-day moving average.

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Silver Seek

Various authors reporting on the silver precious metals market.