Gold added about five bucks to its price from the time that trading began in the Far East Thursday…and the London a.m. gold fix. Then from there, it gave back seven dollars going into the p.m. gold fix…and after that, it gained over eight dollars until half past lunchtime in New York. Then a really serious seller showed up taking nine bucks off the price between then and the close of electronic trading in New York. It was pretty choppy trading all around…and it was obvious that every rally ran into serious resistance. The same could be said for silver.

The Kitco gold chart for the last three days is a sight to behold. I’ve never seen such price activity. Silver too.

Isn’t it true the Canadian oil sands yield a type of low-grade oil good only for synthetics and not for gasoline or home heating?