"Gold and silver weren't allowed to do much on Thursday. Their respective attempts to break through $1,700 and $34 were turned back."
The gold price didn't do much during Far East trading on Monday but began to roll over with a bit more zeal very late in the morning in London and about fifteen minutes before the Comex opened for trading, gold hit its low of the day, before drifting higher.
Gold traded in a ten dollar price range through all of Far East and the first half of the London trading day on Thursday. The absolute low price came at the London silver fix at 12:00 noon local time which is 7:00 a.m. in New York. After that, it was up, up and away for the rest of the trading day.
Gold didn't have a very exciting day yesterday...but it did manage to close on the positive side of the ledger, so I guess we should be thankful to JPMorgan et al for these small mercies.
The real fireworks were in the silver price...as it was off like the proverbial rocket shortly after trading began in the Far East.
Gold's high price in Far East trading came minutes before 3:00 p.m. Hong Kong time...and from there it was a long, slow decline of about eight bucks...and then it bounced off $1,430 a couple of times.
Monday was a very quiet trading day in the world's gold markets yesterday. It traded ruler flat in the Far East...and only bumped up at the London open...and then climbed to its high of the day [$1,440.00 spot] about ten minutes after Comex trading began. Then a seller showed up and quietly sold gold down to its low of the day [$1,429.60 spot] at 11:45 a.m. Eastern...but once that seller disappeared, gold inched higher...and finished the New York trading day up about five bucks from Friday's close. Volume was very light.
All was quiet in the gold market on Friday until the jobs numbers came out at 8:30 a.m. Eastern time yesterday...then gold got hit for over twenty bucks.
Gold's low price on Thursday came early in the trading day in the Far East...and was up about twenty bucks from that low by the time the London p.m. gold fix was in shortly after 10:00 a.m. in New York. That $1,440.80 spot price at the fix proved to be the high tick of the day...and gold got sold off a bit going into the close of electronic trading at 5:15 p.m. Eastern...but was still up seven bucks on the day.
After spending most of Far East and early London trading within a five dollar price range on Wednesday, the gold price finally caught a bid at 11:00 a.m. in London that lasted until about ten minutes after the Comex open in New York.
After Thursday's late afternoon price adjustment by one of the usual not-for-profit sellers, the gold price remained in a quiet and very tight trading range up until 12:15 p.m. in New York. Then out of the blue...and for no reason I could see...someone decided to pull their bids and mark gold down about $13 in the space of half an hour.
It was no surprise to me to see gold blast off once trading began in the Far East on Monday morning.
The gold price hit its Far East low around 2:30 p.m. Hong Kong time Tuesday afternoon...with the high of the day coming at 12:00 noon in London...right on the button.
The pop in the gold price just before the London open yesterday morning was pretty much all the excitement there was on Tuesday.
Bullion banks get Financial Times help in trying to talk silver down.
The gold price was under pressure pretty much through the entire Far East and London trading session on Thursday, with the low of the day coming shortly after the Comex open at $1,350.50 spot.
After Tuesday's excitement, there isn't much to report regarding Wednesday's gold trading day. Gold's New York high of $1,368.20 spot was at 10:20 a.m...which was immediately followed by gold's new York low [$1,357.20 spot] at precisely 11:30 a.m. Eastern. The gold price recovered from that...and closed virutally unchanged from Tuesday.
It was a pretty quiet day in Far East trading in the gold market on Tuesday. There was a bit of a pop shortly before London opened, but that got sold off the moment that the London a.m. gold fix was in at 10:30 a.m. GMT in London...5:30 a.m. Eastern time.
There wasn't much action in the gold price yesterday and, considering the volume [which was unbelievably light], I'm not entirely surprised. I wouldn't read a thing into this price action...except that the New York low spot price was at the London p.m. gold fix at 10:00 a.m. Eastern...3:00 p.m. GMT in London.
Well, it's pretty obvious, at least to me...that neither gold nor silver was going to be allowed to go anywhere during the Wednesday trading day.
Gold rose quietly all through Far East and early London trading yesterday...and about twenty minutes before the Comex opened, a more substantial rally began that ran into some serious resistance as it approached its 50-day moving average.
With the Martin Luther King holiday in the U.S. yesterday...there wasn't much price excitement in gold...and the Comex closed early at 1:15 p.m. Eastern.
Thursday's trading activity was another one of those days that made no sense whatsoever, or at least no sense in free-market terms.
The gold price didn't do a lot yesterday, pricewise. It gained five bucks by 11:00 a.m. Monday morning Hong Kong time...and stayed there until 3:00 p.m...before sliding into the New York open. A sharp rally commenced...that ran into equally sharp selling...with gold's low [$1,364.60 spot] coming at the London p.m. gold fix...which was 10:00 a.m. in New York...right on the button! From there, gold climbed to its high of the day, which was $1,377.30 spot, which came at the close of trading at 5:15 p.m. Eastern time. Not much to see here, but it was gold's first positive day of the new year.