Draghi’s Put and The German Response / Wild Trading Day on Friday / Commercials Cover Like Mad on Their Gold Shorts

by Harvey Organ
Harvey Organ’s Daily Gold & Silver Report

Good morning Ladies and Gentlemen:

Gold and silver were on a roller coaster Friday. At the end of the day, gold finished at $1617.90 up $2.90 with silver up 5 cents to $27.48. All events yesterday are geared to two headline reports:

i) at 5:47 am est: the first report from Le Monde where the ECB is preparing to purchase Italian/Spanish debt

ii) at 1:30 pm est: reports that the EU is considering giving the new ESM a banking license (thus giving these guys authority to buy bonds like the Fed)

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