Yet Another Blockbuster COT Report

by Ed Steer, Silver Seek:

The gold price was forced to trade in a very tight range everywhere on Planet Earth on Friday — and its rally that began around 8:50 a.m. in COMEX trading in New York, was capped around 10:45 a.m. EDT. It was sold lower for the next two hours — and then didn’t do much after that.

The low and high ticks in gold were recorded by the CME Group as $1,725.00 and $1,751.70 in the August contract. The August/October price spread differential in gold at the close in New York yesterday was $8.60 — and October/December was $10.70 an ounce.

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Gold was closed in New York on Friday afternoon at $1,742.60 spot, up $2.30 from Thursday. Net volume was on the lighter side at just under 133,500 contracts — and there was a bit over 73,000 contracts worth of roll-over/switch volume out of August and into future months, with almost all going into October and December…mostly the latter month.


The silver price rallied a bit until around 9:15 a.m. China Standard Time in GLOBEX trading on their Friday morning — and it was then stair-stepped lower to its low tick of the day, which came minutes before 9 a.m. in London…gold’s low tick as well. It chopped higher from there — and obviously on a very short leash, until its high tick, like gold’s, was also set at 10:45 a.m. in COMEX trading in New York. It was hauled lower from there until about noon EDT — and it then proceeded to chop/wander quietly sideways until the market closed at 5:00 p.m.

The low and high ticks in silver were reported as $18.935 and $19.39 in the September contract. The July/September price spread differential in silver at the close in New York on Friday afternoon was 6.9 cents — and September/December was 16.9 cents an ounce.

Silver was closed on Friday afternoon in New York at $19.295 spot, up 9.5 cents from Thursday. Net volume was nothing special at 41,000 contracts — and there was just about 2,700 contracts worth of roll-over/switch volume in this precious metal…mostly into December.


The platinum price wandered sideways to a bit higher in GLOBEX trading on Friday in the Far East, but ran into ‘something’ about fifteen minutes after the Zurich open. It was sold a bit lower until 10 a.m. CEST…traded flat until 11 a.m. CEST — and then began a rally of some size. That one ran into ‘something’ around 8:50 a.m. in COMEX trading in New York — and it was sold lower until around 12:40 p.m. EDT. It then managed to crawl a few dollars higher until the market closed at 5:00 p.m. Platinum was closed at $891 spot, up 16 bucks from Thursday.


Palladium had a very quiet down/up move — and was up about 20 bucks by 2 p.m. in GLOBEX trading in Zurich. It exploded higher in price from there — and that lasted until a very few minutes after the 11 a.m. EDT Zurich close. It wandered very quietly sideways from that point until the price went vertical about ten minutes before the 5:00 p.m. EDT New York close. But a short seller of last resort was Johnny-on-the-spot — and drove it a bit lower until trading ended. Palladium finished the Friday session in New York at $2,113 spot, up 179 dollars on the day.


Based on the kitco.com spot closing prices in silver and gold posted above, the gold/silver ratio worked out to 90.3 to 1 on Friday…compared to 90.6 to 1 on Thursday.

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