caseyresearch.com / Ed Steer / October 23, 2014
¤ YESTERDAY IN GOLD & SILVER
The gold price didn’t do much of anything in Far East or early London trading on their Wednesday—and the smallish rally that developed once the noon London silver ‘fix’ was in, got in the neck at precisely 8:30 a.m. EDT—ten minutes after the Comex open. From there it chopped sideways until the 1:30 p.m. Comex close. Then further selling pressure entered the market—and gold got closed almost on its low tick.
The high and low were recorded by the CME Group as $1,250.20 and $1,240.70 in the December contract.
Gold finished the trading day in New York yesterday at $1,241.00 spot, down $8.40 from Tuesday’s close. Net volume was 103,000 contracts.
As usual, silver got hit the moment that trading began in New York on Tuesday evening—and never recovered. The tiny rally that developed right at the Comex open ran into ‘da boyz’ and their algorithms—and silver, like gold, was closed almost on its low tick.
Thanks to BrotherJohnF