It was another stellar day for all the precious metals yesterday…gold, silver platinum and palladium. Gold was up a hair over two percent…and the other three metals were up four percent plus.
Both gold and silver had their lows early in the trading day on Thursday morning. The low in gold was during Globex trading when the New York bullion banks have the run of things…when their counterparty is a gold trader on his cell phone in Western Samoa someplace. Anyway, the low for gold was shortly before Sydney opened on Thursday morning…and the low for silver occurred a few hours later.
Both gold and silver got sold off gently in Far East trading on Wednesday. This slight downward trend lasted until shortly after 12:00 noon in London…and shortly before the Comex opened in New York. From there, rallies in both metals got hit hard the moment that the gold price broke through $960 and silver broke through $15 respectively. Strangely enough, this occurred about 12:05 Eastern time in both metals. From there, the selling pressure was on…and as of this writing, gold has given back $15…and silver about 35 cents. Silver’s chart is particularly interesting, as it was obvious that sellers had virtually vanished and the price was going parabolic before JPMorgan (NYSE:JPM) showed up.
With American and British equity markets closed on Monday, there wasn’t a lot of activity in the gold and silver markets either. Both got sold off a tad in Sunday night electronic trading and during Monday in the Far East…but both recovered during European trading hours at, or after, London opened for the day. The highs…such as they were…were after the London close.
Gold slid about four dollars between the Globex open on Thursday night and around 10:00 a.m. in London on Friday morning. From there, gold quietly rallied about $11…with the peak coming shortly after 9:00 a.m. on the Comex in New York…and that was it for the day.
From the Globex open in New York on Wednesday night…and until 3:00 a.m. New York time [4 p.m. Thursday afternoon in Hong Kong trading], gold added about five dollars or so to its price. As I’ve mentioned many times in the past, this is often a time when there are changes in market direction. Thursday was no exception. From there, gold sold off quietly until about 10:40 a.m. in New York. This selling effect was especially pronounced in silver, where it sold off about 32 cents over the same period of time.
From the beginning of Globex trading in New York on Tuesday night, right up until the Comex open on Wednesday morning, gold quietly added about seven bucks to its price. At 8:30 in New York, there was a sell-off…and at exactly 9:00 a.m. the gold price began a move that tacked on about $12. The high-water market for the day was at the London p.m. fix an hour later [10:00 a.m. in New York...3 p.m. in London]. From there it traded sideways for the rest of the day. According to the usual N.Y. commentator…”estimated volume was a heavy 141,356 lots, with a 28.6% increase in the last half hour. The wary will note that world gold essentially moved sideways after…
The low for gold was at the Sydney open, and from there it rose slowly and steadily through Far East, London and Comex trading in New York. The high came in electronic trading about an hour after the Comex close. Gold managed to make it to $928…but was not allowed a sniff of $930 yesterday. Maybe today.
Well, with the US$ down a half a cent, and decent gains in both platinum and palladium, you have to be pretty much brain dead not to have seen the footprints of the Gold Cartel in the gold and silver markets yesterday.
Gold was basically comatose all through Far East and European trading…with what activity there was, beginning [as is mostly the case] once floor trading began on the Comex in New York. Volume was decent in both metals, and both gold and silver’s attempts to go vertical shortly before the London close got firmly stopped in their tracks. The usual New York gold commentator noted that a very large 80,482 gold contracts had traded by 11:00 a.m….with a total of 110,979 for the entire day.
