by Ed Steer
Ed Steer’s Gold & Silver Daily
Yesterday in Gold and Silver
The gold price traded quietly during the Far East trading day on Friday, but developed a slight negative bias as the afternoon wore on in Hong Kong trading…and once it dropped below the $1,600 spot price mark at 9:50 a.m. in London, the gold price plunged eight or nine dollar in short order. The London low was noon local time…and then it rallied a hair into the New York open.
Then at 8:30 a.m., gold jumped back over the $1,600 spot mark, where it ran into a wall of not-for-profit sellers immediately…and within twenty-five minutes was down over twenty-six bucks from its high just minutes prior. The high…which came around 8:40 a.m. Eastern time…was $1,611.20 spot.