Russia Mulls Eliminating Gold Tax to Boost Investment Demand

New York (Feb 10) The gold price crawled quietly lower starting shortly after trading began at 6:00 p.m. EST in New York on Thursday evening -- and the low of the day was set shortly after 3 p.m. China Standard Time on their Friday afternoon.  It began to edge higher from there, with the high tick of the day...such as it was...coming at 1 p.m. in New York.  It was sold a dollar and change lower by the 1:30 p.m. EST COMEX close -- and didn't do much after that.

Once again, the low and high ticks aren't worth looking up.

Gold was closed on Friday in New York at $1,314.00 spot, up $4.20 on the day.  Net volume was fumes and vapours once again at a bit over 125,000 contracts -- and there was around 11,200 contracts worth of roll-over/switch volume on top of that.

The silver price followed the same general price pattern in Far East trading on their Friday -- and the low tick in this precious metal came very shortly before the London open.  A rather robust rally began at that point -- and the price was capped and turned lower about twenty minutes after the COMEX open in New York.  It was sold back to the unchanged mark by the London close -- and about an hour after that it began to head higher until a few minutes after 1 p.m. EST.  It didn't do much after that.

The low and high ticks were reported by the CME Group as $15.65 and $15.86 in the March contract.

Silver was closed on Friday in New York at $15.805 spot, up 9 cents on the day.  Net volume was exceedingly quiet at about 42,200 contracts -- and there was around 15,700 contracts worth of roll-over/switch volume in this precious metal.

The platinum price began to creep lower starting around 10 a.m. China Standard Time on their Friday morning -- and it was down five bucks by the Zurich open.  About two hours after that, it began to edged quietly and unsteadily higher -- and that lasted until 1 p.m. in New York.  It traded flat into the 5:00 p.m. EST close from there.  Platinum closed up 2 dollars on the day at $798 spot.

EdSteer