Platinum pushed as high as $2230 in Hong Kong, but sank through to New York, then traded sideways to end at $2164/oz., down $37. Overnight, platinum has been flat.

While silver was lower to the mid-point of the London session, it rallied from there, making its way nearly back to the break-even point, and closing at $17.96/oz., down just 2 cents. Overnight, silver has been trending higher.
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As might have been expected, there was profit-taking in the precious metals yesterday after their recent runup.

But the damage wasn’t large, especially considering that the usual market movers, oil and the dollar, both went against them, with the former backing off and the latter staging a modest rally.

In fact, some analysts were making the case that both the dollar’s rise and gold’s fall were technical in nature.

Technician Zachary Oxman, of Wisdom Financial, believes that, “Until we cross and close above the $940 level, we’ll remain range-bound between $900 and $940.”

Nick Ruggiero, a trader at Eagle Futures Inc. in New York, noted gold’s recent link to oil and said, “You’ve got to be cautious because when you do get a big sell-off in oil, all commodities are going to get hit hard.”

And how much does the paper gold market influence the metal’s price? Plenty, contends Jim Sinclair of jsmineset.com.

“It would be bullish to shut down the US market for gold,” Sinclair writes, “because then you would have a thin market with a positive Euro bent on gold and a more positive global market would be created.

“No access for major traders will be denied, that you can be sure of. I would love to see US trading stopped in paper gold. That would be good for $150 on the upside after less than 24 hours. The poor COT would not be able to create the influence on the global market they do with the aid of the US paper market cabal.”

Source: Gold Corrects, Following Oil