Six Consecutive Withdrawals From SLV

May 09, 2023

by Ed Steer Silver Seek

The gold price wandered quietly sideways until around 12:30 p.m. China Standard Time in GLOBEX trading on their Friday afternoon — and from there it was sold quietly lower until the the commercial traders of whatever stripe pulled their bids when the jobs report was released at 8:30 a.m. in New York. Its low tick was set at, or minutes after, the 10 a.m. EDT afternoon gold fix in London — and its ensuing rally ran into ‘something’ around 12:45 p.m. It then traded quietly sideways to a bit higher until the market closed at 5:00 p.m. EDT.

The high and low ticks in gold were recorded as $2,061.30 and $2,007.00 in the June contract. The June/August price spread differential in gold at the close in New York yesterday was $19.40…August/October was $19.00 — and October/December was $18.20 an ounce.