Despite things looking decidedly negative in Far East and London trading yesterday, the bottom in the gold price [such as it was] came at the beginning of Comex trading at 8:30 a.m. New York time yesterday morning. So the sell-off I was so concerned about in yesterday’s rant didn’t amount to a hill of beans, because by the time the smoke had cleared, the gold price was virtually unchanged from Tuesday. Let’s see what happens today.

BOE to cut rates today…  ECB will wait to cut for now…  Black clouds forming for India?  German factory Orders Plunge! And Now… Today’s Pfennig!

There wasn’t a lot of activity in Thursday’s trading in gold in the Far East. However, at 3:00 a.m. New York time, there were some signs of life…but even the slightest attempt at a rally was met by equal bouts of selling. This ‘up-down-up-down’ activity went on for eight hours.

Both gold and silver in the Far East didn’t do a thing until London opened for business on Wednesday morning.

On Wednesday, neither gold nor silver showed any sort of direction…but they generally drifted lower before the Comex open. Of course the dollar rally didn’t help…but then again, oil was up to almost $124/barrel, so that should have made a difference but it didn’t.

On Tuesday, neither gold nor silver did much of anything. Volume again was extremely light, and it doesn’t take a lot of buying or selling to move the prices around. The price of both metals is still miles away from any moving average that would be of interest to the black box tech funds.