Gold spent most of Far East and European trading hugging $890…and silver spent the same period within a dime of $12.70. Nothing to see here, folks! Then, shortly before the Comex open, both metals began smallish rallies…and half an hour after the Comex opened for business, it was lights out.
Both gold and silver rose in Sunday evening trading on the Globex [counterparty...Western Pacific Ocean]. The peak prices in Far East trading occurred around lunchtime in Hong Kong. From there, both metals drifted slightly lower…and remained there all through European trading until the Comex open in New York…then away they both went.
Gold was up early in the overseas markets, fell off into mid-morning in New York, rallied back to peak at $890 just before the end of the Comex, then declined again through the Globex, finishing at $880.00/oz., down $1.10. Overnight, gold is slightly higher.
Gold didn’t do much of anything in the Far East or Europe on Tuesday morning. There was a smallish rally at the Comex open that got stopped dead in its tracks at 8:30 Eastern. Gold had $10 carved off its price by the time the bottom was in…shortly before London closed for the day. It managed to regain that loss by the time Comex trading was over…but lost half of it by the time electronic trading on the Globex was through at 5:15 p.m. in New York.
Conventional wisdom has it this morning that stocks are at the start of a rebound. And for all I know, that’s true; technician types say the market is way oversold.
Despite a sharply rising US$ all through Far East, Europe and the Comex open…gold managed to stay within five dollars of its Friday closing price in New York. Gold and silver’s prices peaked at 9:00 a.m. in New York…when both had managed to claw their way into positive territory for the day. But once the London fix was in at 10:00 a.m. in New York, the rug got pulled out from under them.
The tiny double bottom that occurred shortly after the close of Comex trading on Wednesday afternoon may have been the low in gold for this move. Both were ever so slightly below $900. From there, gold rose gradually until about an hour after the London a.m. gold fix on Thursday morning. Then it declined gently until shortly after the London p.m. fix was in. From there, away it went…until a not-for-profit seller showed up in after-hours Globex trading in New York and capped the little price spike that occurred at 3:30 p.m. New York time.
HSBC said it was cutting 6,100 jobs… closing offices all over America.
Gold and silver did virtually nothing throughout Far East and early European trading. But that all changed at 9:30 a.m. in New York, when JPMorgan (NYSE:JPM) pulled its bids and the prices of both metals fell off a cliff. What makes these guys look even more ridiculous is the fact that they pulled exactly the same procedure at exactly the same time on Monday…to the minute! These guys have no imagination at all.
Freddie Mac CEO Quitting; HSBC Selling Shares, Cutting Jobs; Wendy’s/ Arby’s Loses $390 Million in 4Q; South Africa Unemployment Fell to 21.9% in 4Q; Venture Capital Investment Plummets; Dish Network Ups Profit, Loses Subscribers