caseyresearch.com / Ed Steer / December 28, 2013
“There’s never been a better time for “da boyz” to step out of the market for good”
¤ Yesterday In Gold & Silver
Despite the big decline in the dollar index, there was almost no sign of that in the price action for gold in Far East and early London trading on their Friday. The smallish rally in late-afternoon Far East trading got dealt with in the usual manner at the London open—and the gold price was back below the Thursday New York close by the London morning gold fix.
After that, the gold price didn’t do a lot until around 8:45 a.m EST in Comex trading. Then, in less than five minutes, the gold price popped six bucks or so, but that rally got cut off at the knees at 9 a.m. By around 12:15 p.m. most of that gain had vanished—and after that the gold price chopped sideways in a very tight range into the 5:15 p.m. EST electronic close.
The CME recorded the low and high as $1,208.50 and $1,218.90 in the February contract.
Gold closed in New York on Friday afternoon at $1,213.80 spot, which was up $2.60 from Thursday. Volume was pretty light at 88,000 contracts, net of December and January—but it was about 40% higher than Thursday’s volume.
It was almost the same price pattern in silver. The only noticeable difference was that once the price got capped at 9 a.m. EST in New York on Friday morning, silver traded within a ten cent price range for the remainder of the day.
The high and low were recorded as $19.75 and $20.105 in the March contract.
Silver finished the Friday session above the twenty dollar mark at $20.075 spot, which was up 27.5 cents from Thursday’s close. Net volume was about 24,000 contracts, about 20% more than Thursday’s volume.