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Egon von Greyerz: Expect Frightening Wealth Destruction as Gold Soars

by Ed Steer
Ed Steer’s Gold & Silver Daily

Yesterday in Gold and Silver

As has been the case lately, the gold price didn’t do much of anything in early Far East trading, but did begin to develop a positive bias starting around 1:30 p.m. Hong Kong time. The rally, such as it was, ended at the 8:20 a.m. Comex open in New York.

That time was also it’s high of the day…$1,630.70 spot.

The New York low [$1,614.40 spot] followed shortly after 11:00 a.m…although the low tick of the day was actually a few dollars less than that in early morning trading in Hong Kong.

From there it traded flat, but popped ten bucks right around the Comex close. The gold price got sold off from there, but continued rising almost into the close of electronic trading at 5:15 p.m. in New York. This was a rather unusual trading pattern for late Friday afternoon. Normally it’s ruler flat.

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