Chris Powell: If There’s Ever Journalism About Gold, Ask Central Banks These Questions [CaseyResearch]
August 15, 2012 Leave a comment
YESTERDAY IN GOLD AND SILVER
The ‘dog days’ of summer are in full cry…and I certainly wouldn’t read much into gold’s price action anywhere on Planet Earth on Monday. The price hung in there pretty good until the 3:00 p.m. BST London p.m. gold fix…10:00 a.m. Eastern…and it was touching to see a not-for-profit seller drop gold about ten bucks going into the close of Comex trading.
Gold closed the New York trading session at $1,609.90 spot…down $10.60 from Friday’s close.
Gross volume was pretty enormous…around 125,000 contracts. But most of that was probably spread related, because about 30,000 contracts were traded in the Dec 2013 to December 2016 time frame. Once those spread are removed, net volume was around 74,000 contracts, which is vapour.
Silver was under pressure the entire trading day…and it, too, got sold off a bit going into the Comex close. But I wouldn’t read a whole heck of a lot into that price action, either.