caseyresearch.com / Ed Steer / February 5, 2014
¤ YESTERDAY IN GOLD & SILVER
It wasn’t much of a day in gold yesterday. Not much happened in Far East trading, but right on cue at gold’s high of the day, such as it was—and two hours before the London open—the selling pressure began. The low of the day, such as it was, came shortly before 9 a.m. EST in New York. The smallish rally that developed from there, ran out of gas just before 4 p.m. in electronic trading—and the price didn’t do much after that.
The CME recorded the high and low at $1,246.80 and $1,260.70 in the April contract.
Gold closed on Tuesday in New York at $1,254.40 spot, down $2.70 from Monday’s close. Net volume was pretty light at only 101,000 contracts.
The silver price didn’t do much either. It rallied a hair going into the London open, with the low tick coming at the London a.m. gold fix. After that it chopped higher until minutes after 3 p.m. EST in electronic trading in New York—and then traded sideways into the 5:15 p.m. close.