caseyresearch.com / By Ed Steer / November 30, 2012
¤ YESTERDAY IN GOLD AND SILVER
It was a pretty unexciting day in the gold market on Thursday. The tiny rally that developed around 3:00 p.m. Hong Kong time, didn’t amount to much…and got sold off the moment that Comex trading began in New York.
At that point another tiny rally developed that peaked a few minutes after the 1:30 p.m. Eastern time Comex close…and then sold off a hair into the 5:15 p.m. electronic close.
The gold price closed at $1,725.80 spot…up $6.00 from Wednesday. There was big gross volume yesterday…and once the last of the December contracts were subtracted out of that total, the net volume showed as 185,000 contracts…most of it in February…the new front month for gold.
The silver price was much more ‘volatile’. After selling off about two bits in Far East trading…it, too, began to rally around 3:00 p.m. Hong Kong time. And, like gold, it got sold off shortly after Comex trading began.
But the subsequent rally really developed some legs from there, before getting cut off at the knees going into the 10:00 a.m. Eastern time London p.m. gold fix. From there it more or less traded sideways into the close…although the high tick of the day….$34.52 spot…came about five minutes before the Comex trading session ended.
The silver price closed at $34.27 spot…up 50 cents. Volume, net of December roll-overs, was pretty decent at 61,500 contracts, most of which was in March…the new front month for silver.