There was virtually nothing in the price action of gold in the Far East on Friday that suggested that there would be an explosion in the gold price on Friday morning at the Comex open. I’d gone to bed at 5:00 a.m. New York time after filing my Thursday rant that you read yesterday morning. True, at the usual 3:00 a.m. time, gold had peaked at the lofty price of $759. But two hours later the price was still at $759.

So Alan Greenspan – former chairman of the Federal Reserve – thinks this equals the Great Crash, if not out-bads it.

The U.S. Federal Reserve reduced the benchmark U.S. lending rate by a quarter point – from 2.25% to 2% – yesterday (Wednesday), and then hinted that it will take a break from one of its most-aggressive rate-cutting campaigns in decades.

This one started in the Far East early in their trading day yesterday and ended at 4:00 p.m. New York time. Silver didn’t fare much better, but it did try to rally a couple of times during New York trading hours on the Globex…but the boys were having none of that.