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Ted Butler: A Time to Act
06 March 2021 -- Saturday
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price was sold quietly lower from the 6:00 p.m. open in New York on Thursday evening -- and a new low tick for this move down was set a few minutes after 9 a.m. China Standard Time on their Friday morning. From that juncture the price crept quietly and unevenly higher until the dollar index 'rally' ended about ten minutes before the London open -- and the price was sold a bit lower until 9 a.m. GMT. From that point it began creep/chop quietly higher until a few minutes before the 1:30 p.m. COMEX close in New York -- and was then sold down a bit until around 2:10 a.m. in after-hours trading. I didn't do a whole heck of a lot after that.
The low and high ticks in gold were recorded by the CME Group as $1,683.00 and $1,705.70 in the April contract. The April/June price spread differential in gold at the close on Friday was $3.10...June/August was $2.20 -- and August/October was $2.00.
Gold was closed on Friday afternoon in New York at $1,700.10 spot, up $3.20 from Thursday. Net HFT gold volume was nothing special at around 204,500 contracts, but roll-over/switch volume out of April and into future months was very enormous at 59,500 contracts...mostly into June.
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