Silver: The Manic and Frantic Movements Accelerate
By Ed Steer
GoldSeek.com
05 March 2016
YESTERDAY in GOLD, SILVER, PLATINUM and PALLADIUM
The gold price was sold down five bucks in the first two hours of trading in the Far East on their Friday morning—and it gained half of that back within an hour or so before trading flat until shortly after the London open. The rally that began at that point was capped on the back of absolutely monstrous volume—and then it traded more or less flat until 11 a.m. GMT. It began to head lower from there, culminating in a vicious spike low that came about two minutes after the job numbers were released in New York. It blasted higher from there, but ran into selling pressure at 9:00 a.m. EST, before getting capped for good at the London p.m. gold fix. After that, every rally, no matter how small, got turned aside before it could develop into anything, plus they peeled 10 bucks off the price at the COMEX close for good measure as well. ‘Da boyz’ made sure that gold closed down on the day.
The low and high ticks were reported as $1,250.10 and $1,280.70 in the April contract.
Gold was closed in New York yesterday at $1,259.10 spot, down $4.80 from Thursday’s close. Net volume was the biggest number I can ever remember seeing in the last fifteen years at just over 324,000 contracts. Even I was taken aback by how vicious JPMorgan et al were in their price-capping operations yesterday.
The Rest…HERE
