Yesterday in Gold, Silver, Platinum and Palladium
by Ed Steer
Gold’s two tiny rallies in Far East trading on their Friday were dealt with in the usual manner. But starting about fifteen minute before the London open, a rally of some substance appeared. That was capped at, or just before, the 10:30 a.m. GMT morning gold fix in London — and it chopped sideways until the jobs numbers [which I’d forgotten entirely about] appeared at 8:30 a.m. in New York. There was a short dip at that juncture, which was well bought, but ‘da boyz’ showed up very shortly after the 10 a.m. EST afternoon gold fix in London — and blew the price lower until precisely 10:30 a.m. EST. It recovered smartly from that engineered price decline — and soared higher until ‘da boyz’ reappeared shortly after 3 p.m. in after-hours trading. They sold it back below unchanged, but it recovered above that mark by the time that the market closed at 5:00 p.m. in New York.