As I mentioned in my closing comments yesterday, gold hadn’t done much in Far East trading and early London trading…but I also mentioned that this would change as the day wore on in London…and certainly once the Comex opened. Well…I was right about that…unfortunately.
Gold had tacked on about $8 by late Thursday afternoon in Hong Kong…which was shortly after the Thursday morning open in London. But four hours later [8:00 a.m. in New York], even this gain was gone. But from that point, however, both gold and silver began spirited rallies. These rallies lasted throughout the entire Comex floor session, but both traded sideways after that…which they’re still doing eight hours after the Globex close in New York. Here’s the current Kitco silver chart. The red line shows yesterday’s trading. You can see that all of the gains were during Comex hours in New York.
Mark my words: Silver is going over $20 per ounce! Currently, silver is trading around $15 per ounce, up 40% already in 2009.
The US$ had a huge gain yesterday…and gold got whacked for almost $30 between its high of $990 at 4:00 p.m. in Hong Kong trading yesterday afternoon…and eleven hours later at 3:00 p.m. at its low tick in electronic trading in New York. At three different times yesterday, gold had some help falling that much…the most obvious coming shortly after London closed for the day. I was surprised that the bullion banks didn’t pull their bids on the Comex open…something they normally love to do after the set-up they gave themselves during London trading.
As is almost always the case, gold got sold off a bit when the New York bullion banks were the only show in town early on Tuesday morning in the Far East. From there, gold added about five bucks, with the Far East high coming around lunch time in Hong Kong yesterday. From that point it got sold down into the London open…but from there…a rally began which lasted until London closed for the day at 11:00 a.m. New York time. Gold then got sold off five bucks to around $980…and that’s where the price stayed until the end of electronic trading at 5:15 Eastern time. The usual N.Y. commentator said that “Estimated volume was only 87,230 lots, with barely…
old was taken down a few dollars in Sunday night trading by the bullion banks in New York…but once Sydney and Hong Kong opened for the day, gold [and silver] returned to the plus column. Gold saw its highs moments before Hong Kong closed…and silver shortly after…in early trading in London. From there, both metals got slowly sold off. The real action didn’t start until the Comex open, where every rally attempt in either metal…but gold in particular…got sold off by a not-for-profit seller.
For quite some time I was interested in recommending that my readers invest in Russia. I still had concerns about some political issues and organized crime in the country. Most experts out there tell people to stay away from Russia, so I knew I had to do further research myself.
It was another stellar day for all the precious metals yesterday…gold, silver platinum and palladium. Gold was up a hair over two percent…and the other three metals were up four percent plus.
Both gold and silver had their lows early in the trading day on Thursday morning. The low in gold was during Globex trading when the New York bullion banks have the run of things…when their counterparty is a gold trader on his cell phone in Western Samoa someplace. Anyway, the low for gold was shortly before Sydney opened on Thursday morning…and the low for silver occurred a few hours later.
The higher this rally goes the more you’ll hear that another bull market has started, says underground investor Chris Weber. But Chris is warning investors not to be fooled.
