South Korean Central Bank Says it Bought 16 Tonnes of Gold in July
August 3, 2012 Leave a comment
The gold price did little in Far East trading yesterday…and the high tick of the day [around $1,618 spot] came a few minutes after the London open.
From that high, the gold price drifted a few dollars lower…and was sitting at the $1,615 mark about five minutes before trading began on the Comex in New York. Out of the blue, a sell-off began, that by the time it was done, it had all the hallmarks of a JPMorgan-inspired engineered price decline…and gold was down twenty bucks to the $1,595 spot mark.
The sell off ended shortly after the 9:30 open of the New York equity markets. From there, the gold price worked its way slowly back above the $1,600 spot mark…and then traded pretty much ruler flat at $1,605 from around noon Eastern time, right up until the announcement from the FOMC.
Gold was hit again…and got sold down to it’s low of that day [$1,591.00 spot] around the 2:20 p.m. mark in New York. From there, it quickly jumped back above the $1,600 spot price mark…and finished the Wednesday trading session at $1,600.10 spot…down $14.80 from Tuesday’s close. Not surprisingly, net volume was pretty chunky…around 170,000 contracts.
Here’s the New York Spot Gold [Bid] chart, so you can see the only action that counted, up close and personal.