caseyresearch.com / Ed Steer / July 8, 2014
¤ YESTERDAY IN GOLD & SILVER
As is almost always the case, the gold price got sold down the moment that trading began in New York on Sunday evening, with the low of the day coming shortly after 9:30 a.m BST in London. It rallied a few dollars from there before getting sold down about the same amount going into the London p.m. gold fix. The subsequent rally took it back to almost unchanged by the 5:15 p.m. close of electronic trading in New York.
The high and low ticks, such as they were, were recorded by the CME Group as $1,324.10 and $1,312.10 in the August contract.
Gold finished the Monday trading session at $1,320.00 spot, down 50 cents on the day. Net volume was 101,000 contracts.
The price action in silver was almost identical to gold’s—however the rally after the London p.m. gold fix wasn’t quite as robust, but still managed to make it back above the $21 spot price mark.