A Record 44.25 Million Oz. of Silver Added to All ETFs and Mutual Funds During This Past Week

A Record 44.25 Million Oz. of Silver Added to All ETFs and Mutual Funds During This Past Week from Silver Seek

YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM

25 July 2020 — Saturday

The gold price traded quietly and unevenly sideways until around noon China Standard Time on their Friday.  It was sold down to its low tick of the day by shortly after 1:30 p.m. CST — and its subsequent rally was capped just minutes after 9 a.m. in London.  From that point it was sold lower until around 11:45 a.m. BST.  The ensuing rally ran into ‘something’ at 9:30 a.m. in New York — and it was sold lower for the next fifteen minutes.  It rallied a bit from there — and then traded mostly evenly sideways until the market closed at 5:00 p.m. EDT.

The low and high ticks in gold were recorded by the CME Group as $1,880.50 and $1,904.60 in the August contract.  The August/October price spread differential at the close on Friday was $12.60… October/December was $15.10 — and December/February was $10.60.

Gold was closed in New York on Friday afternoon at $1,901.30 spot, a new closing high for this move up, but 6 bucks off its Kitco-recorded high tick of the day.  Net volume was pretty heavy at a bit under 208,500 contracts — and there was 80,500 contracts worth of roll-over/switch volume out of August and into future months, mostly October, December and February.

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Silver certainly didn’t do much yesterday…or wasn’t allowed to do much…you choose — and there’s not much to see here.  But I’ll point out once again that it was only allowed to trade above the $23 spot mark for an instant — and was then capped at the same time as gold, a minute or so before 9:30 a.m. in New York trading.

The low and high ticks were reported as $22.58 and $23.185 in the September contract.  The September/December price spread differential in silver at the close yesterday was 23.0 cents — and December/March was 22.4 cents.

Silver was closed on Friday afternoon in New York at $22.705 spot, up 17 cents from Thursday.  Net volume was extremely heavy at a bit over 103,500 contracts — and there was just under 7,500 contracts worth of roll-over/switch volume out of September and into future months…mostly December.

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Platinum was sold lower until the low tick of the day set minutes before 2 p.m. China Standard Time on their Friday afternoon — and it worked its way higher until it too ran into ‘da boyz’ minutes after 9:30 a.m. in New York.  It was sold quietly lower until 11:35 a.m. EDT — and then traded unevenly sideways until the market closed at 5:00 p.m.  Platinum was closed at $909 spot, down 4 dollars on the day.

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The palladium price traded unevenly sideways until shortly after the 2:15 p.m. afternoon gold fix in Shanghai on their Friday afternoon.  It was sold down to its low of the day around 9:30 a.m. CEST in Zurich — and from that juncture it rallied unevenly higher and under obvious ‘resistance’ until it was capped and turned sideways around 12:05 p.m. in New York.  It was sold a bit lower in the very thinly-traded after-hours market, but jumped higher in the last few minutes of trading — and finished the Friday session at $2,160 spot, up 68 bucks on the day.

Palladium traded 1,949 contracts in its current front month…September. Of that amount, there was 403 contracts worth of roll-over/switch volume…372 into December — and 31 into March.

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Silver Seek

Various authors reporting on the silver precious metals market.