caseyresearch.com / By Ed Steer / June 29, 2013
¤ YESTERDAY IN GOLD & SILVER
After doing nothing for the first couple of hours in Far East trading on their Friday, the high-frequency traders spun all the precious metal prices lower starting around 8:30 a.m. Hong Kong time. Gold’s subsequent rally lasted until 2:00 p.m. in Hong Kong…and from there drifted down to its low of the day…$1,186.40 spot…which came at the 3:00 p.m. BST London p.m. gold fix, which was 10:00 a.m. EDT in New York.
From there, the gold price blasted higher, adding $35 to its price in about thirty minutes. After that, the gold price continued to move quietly higher closing on its high of the day…and that’s an event that has only occurred two or three times in the last couple of years.
The gold price closed at $1,235.30 spot…up $34.50 on the day. Gross volume was a remarkable 335,000 contracts.
Silver’s price pattern was similar…but different in some respects.
The sell-off occurred at 8:30 a.m. Hong Kong time, just like the other three precious metals…but in silver’s case, the subsequent rally got capped at 11:00 a.m. Hong Kong time. Silver’s low [$18.47 spot] came long before the London p.m. gold fix…but the big run-up in price after the fix, like gold, ended at 10:30 a.m. EDT. After that, silver rallied quietly into the close…with the high tick [$19.80 spot] coming around 5:00 p.m. in electronic trading.
Thanks to BrotherJohnF