Gold surged in Far East trading on Tuesday morning, but at precisely 3:00 a.m…again…someone was there to make sure that gold did not get through $750 for any length of time. Gold tried again to break through $750 shortly before the Comex open, but that didn’t happen either.

On Friday morning in Far East trading, gold began a gentle decline that started at the beginning of trading in Hong Kong…which accelerated slightly into the London open.

Gold flat-lined throughout Far East trading and only showed life when London opened. Virtually all the gains in the gold price were in by the time the traders in New York showed up for work.

On Friday, both gold and silver had a positive day…as did the HUI. What happened yesterday was similar to what happened on Wednesday. Then Thursday came along and these gains vanished…so I’m reluctant to read too much into Friday’s action.

I have had a lot of inquiries this week about silver. What’s gone wrong? What’s next? When silver was trading at $13 an ounce late last year, I said we’d see $22-25 by the Spring. We got to $21. Not a bad call. I was hoping for higher. But how typical of silver to frustrate.