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Has the BIS Gold Pool Succeeded the London Gold Pool?

by Ed Steer
Ed Steer’s Gold & Silver Daily

Yesterday in Gold and Silver

It was pretty quiet in the gold market in both the Far East and London on their Monday. The gold price edged lower right up until the Monday low of the day…$1,613.20 spot…which came at 8:45 a.m. in New York.

From that point, the gold price chopped higher for the rest of the New York session, with the high of the day [$1,626.20 spot] coming around 2:25 p.m. in electronic trading.

From there, gold got sold off a bit going into the 5:15 p.m. close…finishing the day at $1,621.90 spot…down $1.70 from Friday’s close. Volume, which had been extremely light for most of Monday trading, increased quite a bit as the New York trading session moved along…and when all was said and done, net volume was a reasonably healthy 120,000 contracts.

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