The gold futures close at 1:30 p.m. eastern, and a settlement price for the day is calculated at that time. The futures re-open right away, and the next day's session begins. So yesterday, the Tuesday futures session started after 1:30 p.m. and prices rallied about $8.00 into the 4:00 stock close. the GLD ETF also rallied in the afternoon, along with futures. Today, we are only up about $5.00 in the futures, so GLD is down about 30 cents, as it should be. Hope that helps
Thanks for this good explanation. But I'm still a little confused. If the futures are up like they were yesterday (not as much), why are you saying that GLD being down 30 cents is appropriate? Or are you saying GLD should rally in the afternoon?