caseyresearch.com / Ed Steer / March 26, 2014
¤ YESTERDAY IN GOLD & SILVER
There wasn’t much in the way of price action in either Far or East or early London trading on their Tuesday. Gold was up a bit more than five bucks by 11:30 a.m. GMT in London. Then it got sold down a bit over ten bucks in the next hour, with the low of the day coming at 8:30 a.m. EDT in New York. The high tick in New York during the subsequent rally came at the London p.m. gold fix, which was 11 a.m. EDT, as London is still not on British Summer Time as of yet. By noon, the gold price gave up five dollars of its prior gain, before trading flat into the 5:15 p.m. EDT close.
The high and low ticks, such as they were, were recorded as $1,318.00 and $1,306.00 in the April contract.
Gold closed in New York on Tuesday at $1,311.70 spot, up $2.10 from Monday’s close. Gross volume was over 200,000 contracts once again, but once the heavy roll-over volume was subtracted out, the real volume was only around 102,000 contracts, which wasn’t particularly heavy.
Silver got sold off a bit in early Far East trading, but finally made it back to the $20 spot price mark by noon Hong Kong time. A bit of a rally commenced around 3 p.m.—and ran into a not-for-profit seller two hours later at 9 a.m. in London. From there it traded in a 25 cent range for the rest of the day, but once noon arrived in New York, the price didn’t do much after that.