caseyresearch.com / By Ed Steer / July 7, 2012
YESTERDAY IN GOLD AND SILVER
The
gold price traded quietly during the Far East trading day on Friday,
but developed a slight negative bias as the afternoon wore on in Hong
Kong trading…and once it dropped below the $1,600 spot price mark at
9:50 a.m. in London, the gold price plunged eight or nine dollar in
short order. The London low was noon local time…and then it rallied a
hair into the New York open.
Then at 8:30 a.m., gold jumped back
over the $1,600 spot mark, where it ran into a wall of not-for-profit
sellers immediately…and within twenty-five minutes was down over
twenty-six bucks from its high just minutes prior. The high…which came
around 8:40 a.m. Eastern time…was $1,611.20 spot.
After the hammer
fell, the gold price more or less traded sideways until about 12:15
p.m. in New York…then the got sold down some more from there, with the
low of the day [$1,575.40 spot] coming shortly after 1:00 p.m. The gold
price recovered about eight bucks from that low…and closed at $1,582.40
spot…down $21.50 on the day. Net volume was around 150,000 contracts.
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