Gold gained about $8 in the first eight hour of trading in the Far East yesterday morning. The top came shortly after 3:00 p.m. in Hong Kong…and between that time, and the Comex open, gold gave half of that gain back. Then we were treated to that [by now] familiar chart pattern…with the worst damage occurring once the London p.m. gold fix was in at 10:00 a.m. New York time. Between its high in Hong Kong and its low in New York…gold got hit for around $23.

Gold price action on Monday looked similar to Friday’s. The bottom for gold in the Far East came shortly after 3:00 p.m. in Hong Kong…rose until shortly after London opened, declined a couple of bucks…but once the London a.m. gold fix was in [10:30 a.m. in London...5:30 a.m. in New York], gold rose to its high of the day shortly after 11:00 a.m. This high [once again over $940] lasted until 9:00 a.m. in New York, shortly after the Comex opened…then it got taken down eight bucks to its low of the day at 10:00 a.m. in New York…which just happens to be the London p.m. fix…3:00 p.m. over there.

Everything was swell in gold and silver when I went to bed early on Friday morning. I was hoping that when I got up four hours later, that both metals would be much higher in New York trading. They were…until 8:40 a.m…and that was that. From there, gold and silver basically closed on their lows of the day. And for whatever reason, gold was not allowed to close above $940 again. That’s the third day in a row. Silver however, closed above $14 by a magnificent seven cents!

It was a very uneventful Thursday…at least as far as gold and silver prices were concerned. Both metals rose and fell gently from the beginning of Thursday’s trading in the Far East…right up until the London silver fix 13 hours later…which is noon in London and 7:00 a.m. in New York. By that time, their respective prices were both back to almost unchanged on the day. But once the silver fix was in, gold tacked on about $7…and silver gained around 16 cents by the end of New York trading at 5:15 p.m. A certain amount of this rise may have had something to do with the falling US dollar…which began its descent shortly before 11:00 a.m. in New York.

…

Gold’s low price for the day came early in Hong Kong trading on Thursday morning. From there, and in fits and starts, the gold price managed to work its way slowly higher later in the Hong Kong afternoon…and into morning trading in London. But the real fireworks didn’t get started until 8:00 a.m. Eastern time…shortly before the Comex opened for trading…and at 9:00 a.m. [sharp], gold was up $15 before the usual not-for-profit seller showed up. After that, every rally attempt got firmly sold off, so that by the end of electronic trading at 5:15 in New York yesterday…gold was only up about six bucks.

In early Tuesday trading in the Far East, gold didn’t do much of anything until shortly before 11:00 a.m. in the morning in Hong Kong. From that point, gold got sold off about $8 in an hour. Not a lot, but a pretty big move for the usually quiet Far East market. As it turned out, that was the low for world gold for the day. A quick retest of that price at 3:00 p.m. in Hong Kong…and gold was on its way higher…and the US$ much lower. This lasted through London trading, but ran into the usual brick wall at the Comex open in New York. Once the London p.m. gold fix was in at 3:00 p.m. [10:00 a.m.…

The gold price was so quiet on Monday morning in Far East trading that I smacked the side of my computer screen to see if I could get the price to move…but, alas, it did not.

Friday was an extremely quiet day in the gold and silver markets everywhere on planet earth…and volume was extremely light. The only thing of note was the fact that the highs of the day in gold, silver and the HUI came at precisely the same time…high noon in Comex trading in New York…almost to the second. To see gold and silver simultaneously have the rug pulled out from under their respective prices as they go vertical is commonplace…an almost daily occurrence. But the HUI too…with no lag time at all…not even five or ten minutes???

The low in Far East trading on Monday occurred shortly after the Hong Kong open…and lasted until precisely 4:00 p.m….which was 3:00 a.m. in New York. From there, gold got sold off about $10 in London trading. The low price of the day occurred less than 15 minutes before the Comex open. The rally that began from that point lasted through the entire N.Y. trading session…both Comex and electronic…with gold tacking on about $12 and almost closing on its high of the day. It was a pretty quiet trading session, and there wasn’t a lot of volume

In very early Tuesday morning trading in the Far East [still Monday evening in New York]…gold and silver saw their lows of the day. However, by the time that the Comex was open about 14 hours later, gold was up twelve bucks. But that was its high of the day, as the price was taken down immediately…and by the time that the Comex closed, eight dollars of that gain had been given back. Tuesday was a nothing day, really. The gold charts make it look worse than it really was…as most of gold’s move on Tuesday [and Monday, for that matter] can be chalked up to the gyrations of the US$.