caseyresearch.com / By Ed Steer / January 23, 2013
¤ YESTERDAY IN GOLD AND SILVER
The gold price didn’t do much yesterday. Its small overnight gain turned to a small loss as the price got sold down into its low of the day at $1,686.10 spot shortly before 9:00 a.m. Eastern. From there, gold rallied to it’s ‘high’ of the day of $1,697.30 just minutes after 12:00 o’clock noon in New York
From there, it got sold off a hair into the close. The scale of the Kitco chart makes yesterday’s price action look far more dramatic than it really was.
Gold finished the Tuesday trading session at $1,691.80 spot…up $1.70 on the day. Net volume was very light…around 90,000 contracts.
The silver price action was somewhat different. It traded either side of $32 the ounce for most of the Far East trading day…and from it’s 2:00 p.m. Hong Kong high of $32.10 spot, it got sold down to its low of the day [$31.79 spot] which came less than an hour before the 8:20 a.m. Eastern time Comex open.
From there, silver rallied slowly and steadily until about 11:30 Eastern time…before trading sideways into the 1:30 p.m. Comex close. Then it popped to its high of the day [$32.46 spot] just a few minutes before 2:00 p.m….and from there it got sold off two bits into the close.
Silver closed on Tuesday at $32.21 spot…up 19 cents from Tuesday…but would have finished materially higher if that not-for-profit seller hadn’t shown up around 2:00 p.m. Volume was decent…around 39,000 contracts.