Gold’s initial choppy rally in early Globex trading ended minutes after 10 a.m. in Shanghai — and it then chopped sideways until shortly before London opened. It was then forced to chop lower until the COMEX open in New York. Its rally attempt from that point was capped at the 10 a.m. EDT afternoon gold fix in London — and it was then engineered lower in price until minutes before 12 o’clock noon EDT. From there it had a broad and slightly ascending up/down move centered around 2 p.m. in after-hours trading — and ending when the market closed at 5:00 p.m. EDT.

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The low and high ticks in gold were recorded by the CME Group as $4,671.00 and $4,760.40 in the June contract…an intraday move of $89.40 an ounce. The June/ August price spread differential in gold at the close in New York yesterday was $35.90…August/October was $33.30 — and October/ December was $35.00 an ounce.

Gold was closed in New York on Friday afternoon at $4,713.70 spot…up $28.10 on the day — and $34.70 off its Kitco-recorded high tick. Net volume was back in fumes & vapours territory at a bit under 88,000 contracts — and there were around 34,300 contracts worth of roll-over/switch volume out of June and into future months.

I saw that 120 gold, plus only 14 silver contracts were traded in May yesterday and, as is always the case, it remains to be seen just how much of these amounts show up in tonight’s Daily Delivery and Preliminary Reports further down in today’s column.

The silver price struggled higher throughout most of the Globex trading session overseas on Friday — and that also ended at the 10 a.m. EST afternoon gold fix in London — and from that point onwards, ‘da boyz’ managed its price path in a similar fashion as gold’s for the rest of the Friday trading session in New York.

The low and high ticks in it were reported as $78.58 and $82.16 in the July contract…an intraday move of $3.58 an ounce. The May/July price spread differential in silver at the close in New York yesterday was 47.0 cents…July/ September was 58.5 cents — and September/December was 84.3 cents an ounce.

Silver was closed on Friday afternoon in New York at $80.22 spot…up $1.94 on the day — and $1.22 off its Kitco-recorded high tick. Net volume was very much on the lighter side at around 30,700 contracts — and there were around 7,600 contracts worth of roll-over/switch volume in this precious metal.

Platinum’s uneven rally in early Globex trading in New York and the Far East, more or less came to ‘grief’ shortly before Zurich opened — and was then sold/ engineered unevenly lower until the 10 a.m. EDT afternoon gold fix in London. Its ensuing and rather anemic rally ended around 2:20 p.m. in after-hours trading — and it didn’t do much after that. Platinum was closed at $2,057 spot…up 40 bucks on the day — and only 3 dollars off its Kitco-recorded high tick.

Source: SGT Report