www.caseyresearch.com / By Ed Steer / February 15, 2014
The gold price didn’t do much in Far East trading on their Friday, but was up about six bucks by the time the London morning gold fix was done for the day at 10:30 a.m. GMT. From that point, a more serious rally began that got sold down a bit at the noon GMT silver fix. Another rally began at 8:45 a.m. EST—and that rally was brought to an end at the London p.m. gold fix, which was 10 a.m. in New York. After that, the gold price traded quietly sideways for the remainder of the day.
The CME Group recorded the low and high ticks as $1,299.90 and $1,321.50 in the April contract.
Gold closed in New York late Friday afternoon at $1,319.10 spot, which was up $16.30 from Thursday’s close. Volume sans February and March, was very decent at 158,000 contracts.
As I mentioned in The Wrap in yesterday’s column, silver jumped up about 40 cents starting around 9 a.m. Hong Kong time—and ran into the usual wall of selling by JPMorgan et al. Then the price traded more or less sideways until shortly before 3 p.m. in Hong Kong—and at that point the price took on a positive bias which accelerated once the London a.m. gold fix was in.