by Ed Steer
Ed Steer’s Gold & Silver Daily
Yesterday in Gold and Silver
It was another ‘nothing’ sort of day in the gold market on Tuesday…right up until 8:30 a.m. Eastern time…when either a not-for-profit seller, or high-frequency trading platform, carved eighteen bucks off the gold price in less than fifteen minutes. However, it appears that retail sales and producer price index data was released at 8:30…and that may have been the cause of the sell-off…or the fig leaf behind which the bear raid was conducted. I highly suspect the latter scenario.
The actual low price tick…$1,590.40 spot, if Kitco’s number can be believed…came at 9:00 a.m….and the gold price recovered slowly from there, before getting sold off a hair going into the 1:30 p.m. Comex close. After that it traded ruler-flat going into the 5:15 p.m. electronic close in New York. The New York high tick came just a minute or so after the Comex opened…and that printed $1,615.30 spot.