caseyresearch.com / By Ed Steer / March 12, 2013
¤ YESTERDAY IN GOLD & SILVER
It was, without doubt, the quietest trading day since the last week of trading in 2012. The price did nothing worth mentioning…the highs and lows aren’t worth posting…and the volume, net of roll-overs, was a miniscule 71,000 contracts.
The silver price activity was somewhat more interesting…but just barely.
Silver’s tiny foray above the $29 spot price in Far East trading on their Monday lasted until just before the London open at 8:00 a.m. GMT. From there, it was all down hill until silver’s low price tick…$29.64 spot…which came twenty minutes after the Comex open.
From that low, the price chopped slowly higher, with every tiny rally attempt getting sold off before it could develop any momentum at all. But shortly after the 1:30 p.m. Eastern time close, silver popped back up to the $29 spot price mark, but every attempt to break through it, quickly got sold off as well.
Silver closed at $28.99 spot…down a penny from Friday’s close. Volume was a microscopic 21,000 contracts.