caseyresearch.com / By Ed Steer / March 14, 2013
¤ YESTERDAY IN GOLD & SILVER
As is pretty much always the case, gold didn’t do much in Far East or early London trading yesterday. Then, just before noon GMT, the gold price popped a bit…and then got sold down an equal amount shortly after the Comex open. The gold price rallied again shortly after 9:00 a.m. in New York…and that rally ran into the usual group of not-for-profit sellers the moment it stuck its nose above the $1,600 spot price mark.
From there gold got sold down until around 10:45 a.m. Eastern time, which was fifteen minutes before the London gold market closed for the day…and from that point, the gold price traded virtually flat into the 5:15 p.m. electronic close.
The New York high and low price ticks were $1,600.90 spot…and $1,584.90 spot.
Gold finished the Wednesday trading session at $1,587.70 spot…down five bucks even on the day. Net volume was virtually unchanged from Tuesday, checking in around the 118,000 contract mark.
It was more or less the same price action in silver…and their respective charts look virtually identical…with the only significant difference being a quick price spike down to silver’s low of the day…and that came late in the New York lunch hour.
The 9:20 a.m. high tick was $29.41 spot…and the low price tick was at 12:50 p.m. Eastern. That was recorded by Kitco at $28.78 spot.
But once it was all done for the day, the silver price was closed back below the $29 spot price once again at $28.92 spot. Volume was average…around 38,000 contracts, which was about 10,000 contracts more than on Tuesday.