Gold’s chart looked like it was composed by a bunch of people randomly bumping into one another on Wednesday, first rising in Hong Kong, then plummeting below $929 at the Comex open, rising again for an hour, falling for two, and finally sustaining an upward push from late morning through the Globex to post an exhausted close at $938.80/oz., up $4.00. Overnight, gold has edged lower.

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$.

The high water mark for gold occurred at 12:00 noon in Hong Kong on Monday. From there, gold shed about $7 by the time London had been trading for an hour. Gold gained almost all of that back in the rest of London trading…and up until precisely 9:00 a.m. in New York. Then a seller showed up…with another sharp sell-off the moment that London closed. From there, gold did nothing…except briefly tick down to its low of the day…$938.40. For a Monday, volume was very light…and [according to the usual N.Y. commentator] “saw estimated volume of only 84,287 lots which, if it is not radically revised, suggests Monday was the quietest Comex day in quite some time.” The US$ was up…

In the energy market on Monday, crude for July delivery pulled back again, closing at $70.62/barrel, down $1.42. July reformulated gasoline added a penny, to $2.053/gallon.

Gold held near flat until the second hour of trading in New York on Monday, then began a long slide that carried it as low as $925 on the Comex, followed by some very modest buying that took it to a close at $928.00/oz., down $10.30. Overnight, gold is pushing higher.

Once again, gold and silver mirrored each other’s price moves all through Thursday trading around the world. The high in the Far East in both metals was about 3:30 p.m. in Hong Kong…and from there, the trend was down. This trend picked up some steam about 10:00 a.m. in London and continued to accelerate to the down-side right through the Comex open. But around 8:45 a.m. in New York, gold and silver found a savior, as both metals turned on a dime…with gold picking up a hair over $20…and silver up 66 cents…from bottom-to-top during Comex trading.

Gold had a rollercoaster day that led nowhere on Thursday, starting the day flat through Hong Kong, selling off through the first hour in New York to bottom at $943, rising back above $960 at the close of the Comex, and finally ebbing through the Globex to finish at $954.50/oz., up 40 cents. Overnight, gold has fallen off.

Both gold and silver rose and fell together in fits and starts all through Far East and early London trading on Wednesday. Both metals went vertical the moment [or very shortly after] the London silver fix at 12:00 noon in London…7:00 a.m. in New York. Someone obviously didn’t like that, and both metals were under serious selling pressure immediately.

The gold price stayed within five bucks of $950 in Far East trading on Tuesday morning. The bottom for gold was in at 1:00 p.m. in Hong Kong. From there, it rallied a bit into the London open and then fell five dollars into the London silver fix. From there, a smallish rally began which ran into the usual New York not-for-profit sellers around 9:15 a.m. on the Comex.

Both gold and silver hit their high prices of the day during early trading in the Far East on Monday morning. Then, starting about 1:00 p.m. in Hong Kong, both gold and silver began to head south…and by the time I hit the sack shortly after the London open, gold was down about $7 and silver was down about 40 cents. I had visions of a total blow-out when I woke up yesterday morning, but was pleasantly surprised to find the worst was already past. The lows for both gold and silver were at the London p.m. gold fix…10:00 a.m. in New York. After that, gold managed to gain about $5…and silver was steady into the end of Globex trading…