(Kitco News) - Huge spreads are occurring in the gold market Tuesday with pricing for futures contracts far above spot prices.
Also, earlier in the day, nearby futures were more expensive than deferred, a sign of strong demand in any commodity market.
Just before noon EDT, one price vendor was showing spot metal was trading at $1,612.10 an ounce while at the same time showing the Comex April futures were at $1,654.10 an ounce – a spread of $42 an ounce. It was much wider earlier in the day.
“I’ve never seen that before,” said one gold trader who has been in the market for 30-plus years.
Some contacts suggested the discrepancy is an evolving story that is still unfolding, with traders trying to figure out what’s happening.
If you're referring to live gold prices, I checked several Web dealers like APMEX, Kitco, Pinehurst and all were different. Not a dollar or two but $10 to $50 different. It was wild. Maybe it's fixed now. Don't know. Not really looking to buy from or sell to any dealers at the moment so not really concerned personally.
EDIT: Checked those three dealers again... nope, prices are still all over the place. Yikes!
FYI for those waiting for stuff...I'm still waiting on a bunch of purchases in early March. Many were paid per check and I've been informed that 3/30 is the estimated shipping date for just about all of it. The fulfillment process for all the vendors is slower than chilled molasses flowing uphill right now
I just ordered 60 1/2 oz AGEs from ColoradoGold. They seem to sell halves at no extra premium to the full ouncers unlike most places. They are also sending proofs instead of BU at no extra charge, although without certification.