And Then There’s This… Wednesday July 16, 2008
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Once again, gold and silver did little in Far East trading on Tuesday. The action really began once London and Europe started trading in the metal…and it was no surprise to see both metals moving nicely higher…and for all the right reasons. Gold was up about $12 and silver was up 35 cents as the NY open approached.
Then, at precisely 8:00 a.m. New York time, “all the right reasons” didn’t matter. Gold and silver both got sold down…then rose into the London p.m. fix…and then the boyz pulled the waterfall routine. This lasted until London closed. From that point, both metals started a spirited rally which got stuffed a few moments later…and that was that until Globex trading stopped at 5:15 NY time. As soon as Sydney opened this morning, both gold and silver ran into steady selling pressure…and that’s where it sits as I write this.
Open interest changes on Monday’s big gains in both gold and silver showed that gold o.i. rose 7,769 contracts. Silver o.i. rose another 1,128 contracts.
As gold and silver got smacked, the Dow began a big rally and oil got hit for about seven bucks…and the US$ stopped its slide. The June PPI numbers were horrendous. Then there was both Bush and Bernanke on TV saying that ‘everything was fine’. Coincidence??? Not bloody likely! The Plunge Protection Team was everywhere yesterday. They are obviously desperate to get a short covering rally going…and I also notice that there’s a new 30-day SEC law coming into effect that says you can no longer naked short Fannie or Freddie. That didn’t help either stock yesterday…as they were both crushed for more than 25%.
Due to a technical problem yesterday, the graph of the gold ETF…GLD…was not included in my commentary until late in the morning east coast time. So with this report, I’m including the graphs for both the gold ETF…GLD, and the silver ETF…SLV. I once again thank Gene Arensberg over at Got Gold Report for his kind permission to reproduce them here.
Gold:
And silver:
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