Lawrence [Lawrie] Williams: Does China Have a Hidden Agenda on Gold?
August 27, 2012 Leave a comment
Well, it was a nothing sort of day in the gold market yesterday…and with little volume to go with it, I wouldn’t read much of anything into Friday’s price action. The high of the day…$1,674.90 spot…occurred about fifteen minutes before the close of the Comex trading session and, of course, it got sold off a bit from there.
The gold price closed at $1,670.70 spot…down forty cents from Thursday’s close. Volume was around 109,000 contracts, down substantially from Thursday.
Pretty much the same can be said about silver…as both it and gold followed a very similar price path from Thursday’s trading session. The only other difference was that silver closed on its absolute high tick of the day…and that’s a phenomena that I haven’t witnessed too many times over the years.