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.

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Gold hit a two-week high above $946.00 per ounce on Friday, extending its gains as the dollar retreated, while firmer oil prices raised its appeal as a potential inflation hedge.

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.

Since I last suggested gold looked “toppy,” our projected government budget deficit ballooned to $1.75 billion. The Fed decided to print money non-stop to fund a $1.15 trillion asset purchase program. Economic upheaval continued, including several major bankruptcies. Political unrest erupted in Iran. And North Korea stepped up its nuclear defiance.

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.…

Gold fell below $915 at the mid-point of Hong Kong trading on Tuesday, but that proved to be the low for the day, as the metal rallied from there to the New York open, went flat until mid-morning, when it sold off again, but then pushed higher to the end of the Comex before leveling off through the Globex to finish at $925.80/oz., up $3.20. Overnight, gold has been pushing higher.

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.

Gold rallied from a six-week low hit earlier in the global session, rising above $923 per ounce with currency fundamentals proving the dominant factor as the dollar got stung by concerns over U.S. indebtedness.

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???