Gold was under quiet and somewhat uneven price pressure starting right at the Globex open in New York on Thursday evening — and that lasted until around noon in London on their Friday. It chopped a bit higher from that point until the collusive commercial traders of whatever stripe put in an appearance around 9:10 a.m. in COMEX trading in New York — and it was then sold/ engineered lower anew until 10:25 a.m. EDT. Its two rally attempts to get it above $4,525 spot were both capped — and from the 1:30 p.m. COME close onwards, it was sold lower anew until around 3:10 p.m. EDT. From that juncture it chopped quietly sideways until trading ended at 5:00 p.m.

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The high and low ticks in gold were recorded as $4,547.00 and $4,488.00 spot…an intraday move of $59.00 an ounce. The June/August price spread differential in gold at the close in New York yesterday was $33.20…August/ October was $32.30 — and October/December was $34.70 an ounce.

Gold was closed in New York on Friday afternoon at $4,508.50 spot…down $33.60 on the day — and $17.30 off its Kitco-recorded low tick. Net volume was the lowest I’ve ever seen, at a hair under 59,000 contracts — and there were 49,500 contracts worth of roll-over/switch volume out of June and into future months…almost all into August.

I saw that 40 gold, plus 20 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.

Silver was sold/engineered broadly and unevenly lower until 8:40 a.m. in COMEX trading in New York — and its sharp rally from that point also ran into ‘da boyz’ at 9:10 a.m. EDT. Its engineered low tick was also set at 10:25 a.m. — and from that juncture its price was also managed in the exact same manner as gold’s until trading ended at 5:00 p.m. EDT.

The high and low ticks in silver were reported by the CME Group as $77.415 and $75.265 in the July contract…an intraday move of $2.15 an ounce. The May/July price spread differential in silver at the close in New York yesterday was 30.6 cents…July/September was 57.1 cents — and September/December was 81.6 cents an ounce.

Silver was closed on Friday afternoon in New York at $75.39 spot…down $1.16 on the day — and 53 cents off its Kitco-recorded low tick. Net volume in it was also the lowest I’ve ever seen, at a microscopic 21,700 contracts — and there were 4,600 contracts worth of roll-over/switch volume in this precious metal.

Platinum’s price path was also managed in a similar fashion as gold’s — and it rally in very early COMEX trading in New York was crushed starting around 9:15 a.m. Then from about 10:40 a.m. EDT, it rallied at an ever-decreasing rate until shortly before the 1:30 p.m. COMEX close. It was then sold a tad lower until trading ended at 5:00 p.m. EDT. Platinum was closed at $1,920 spot…down 49 dollars on the day — and 14 bucks off its Kitco-recorded low tick.

It was ditto for palladium — and ‘da boyz’ closed it at $1,334 spot…down 41 bucks from Thursday — and only 8 dollars off its Kitco-recorded low tick.

Source: SGT Report