Courtesy of some friendly city brokers, comes the following observation about spot gold price movements on Tuesdays:
We are increasingly interested by the move on Gold every Tuesday. I have grabbed the gold price chart from Bloomberg and the steps up in the price are noticeable. Almost without exception, the gold price has spiked $20ish every Tuesday for the past few weeks. Analysis shows an average move of 0.22% with a standard deviation of 0.49% on an average daily gold performance histogram. The Tuesday average is 0.75%.
And here’s the chart — via Bloomberg:
Which is interesting, since FT Alphaville has already noted some strangely formulaic action in gold prices before.
All theories, explanations welcome below.
Related links:
Goldbugging – FT Alphaville
Is gold overvalued? – FT Alphaville
Is someone liquidating GLD? – FT Alphaville