by Ed Steer
Ed Steer’s Gold & Silver Daily
Yesterday in Gold and Silver
With a quiet Friday volume backdrop…and a slowly but steadily rising dollar index…I guess it should have been expected that the gold price would slowly lower during Far East and London trading.
But by the 8:20 a.m. Eastern Comex open, the gold price was only down about seven bucks from Thursday’s close. Friday’s New York ‘high’ came about an hour later…$1,739.60 spot…and was only a couple of bucks lower than Thursday’s close.
Then, with 100% of the Friday’s dollar index rally already factored into the PM prices, the engineered price decline began…and thirty minutes later the low of the day [$1,714.20 spot] was in. As I love to say at moments such as this, it was sooooo obvious, that even Stevie Wonder could see it.