Friday, May 29: Today in Gold and Silver

NEW YORK ( TheStreet) -- After trading flat through the first half of the day in Far East trading, the gold price began to inch higher in afternoon trading in Hong Kong on their Thursday.  But shortly after 9 a.m. BST it was obvious that a willing seller appeared.  The low tick came in a down/up move centered around the London p.m. gold fix---and after that the price didn't do a lot.

The high and low ticks were recorded by the CME Group as $1,192.00 and $1,179.60 in the June contract.

Gold finished the Thursday session at $1,187.80 cents, down a whole 20 cents on the day.  Gross volume was pretty wild at 209,000 contracts---and even the net volume was chunky at 156,000 contracts, but most of that was roll-overs out of the June contract and into future months---and mostly August, which is the new front month.

With some variations, the silver chart was similar to gold's right down to the love tap shortly after 9 a.m. in London trading.  The tiny rally at the COMEX open was dealt with in the usual manner---followed by the down/up spike at the London p.m. gold fix, etc.

The high and low in this precious metal was reported as $16.75 and $16.555 in the July contract.

Silver finished the Thursday trading session at $16.66 spot, up a whole penny.  Net volume was only 25,000 contracts, with another huge amount of volume rolled into September and December.  As I mentioned in yesterday's column, I asked Ted about this---and he figures that it's just early rolls out of the July contract and nothing else.  I wasn't looking for black bears in dark rooms that weren't there, just an explanation---and the fact that there was nothing nefarious about it was fine by me.

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