James Grant: Ben Bernanke Should Return the Fed to its Golden Roots
by Ed Steer
Ed Steer’s Gold & Silver Daily
Yesterday in Gold and Silver
The gold price did virtually nothing in early Friday trading in the Far East on their Friday…but began to develop a positive bias about 3:30 p.m. Hong Kong time, about thirty minutes before London opened. [When I hit the 'send' button at 5:10 a.m. Eastern time on yesterday's column, gold was up three bucks...and net volume was around 13,000 contracts.]
The price crawled higher from there before getting smacked to the down side starting about ten minutes after the 9:30 a.m. equity market open in New York. Then, half an hour later at 10:10 a.m. Eastern, the sell-off turned on a dime…and the gold price blasted about twenty-five dollar higher in about ten minutes.
From there the gold price worked its way higher for pretty much the rest of the trading day in New York…both in the Comex and electronic markets. The high came just before 4:00 p.m. Eastern…and then the gold price basically traded sideways from there into the close.
Continue Reading at CaseyResearch.com…
2012-09-02 05:39:25
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