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John Embry: Fixes From the 1970s Won’t Stop This Disaster

by Ed Steer
Ed Steer’s Gold & Silver Daily

Yesterday in Gold and Silver

The low price for gold [around $1,595 spot] during the Tuesday trading session came around 9:00 a.m Hong Kong time…and from there the price never looked back. It traded pretty flat during the first four hours of the London market, but shortly after 12 o’clock noon BST, gold began to rally anew…with the high tick of the day [$1,623.10 spot] coming about 11:45 a.m. in New York.

From there it got sold off for the rest of the day…and closed at $1,616.70 spot…up $19.80. Net volume was pretty light at around 97,000 contracts…as I’m sure traders were heading out the door early.

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