“An Intent and Deliberateness” in the Precious Metals This Past Week

by Ed Steer
Gold Seek


The gold price was up a small handful of dollar by around 8:30 a.m. China Standard Time on their Friday morning…but then the selling pressure commenced. It continued quietly lower until it touched the $1,700 spot mark around 11:15 a.m. in London — and then jumped a bit higher at that point. The unbelievable jobs report hit the tape at 8:30 a.m. — and ‘da boyz’ went to work. The low tick was set around 10:35 a.m. in New York — and its subsequent rally was cut off at the knees shortly after that. From that juncture it crept ever-so-quietly higher right into the 5:00 p.m. close.

The high and low ticks in gold were recorded as $1,723.20 and $1,671.70 in the August contract. At the close, the July/August price differential was $4.50…August/October was $11.10 — and October/December was $7.80.

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