by Ed Steer
Ed Steer’s Gold & Silver Daily
Yesterday in Gold and Silver
Monday was another day of “slicing the salami” to the downside…as Ted Butler so often says when JPMorgan et al are in the process of one of their countless engineered price declines.
The gold price traded flat until mid-afternoon in the Hong Kong trading day…and then headed lower going into the London open shortly after that. The London low came minutes after 11:00 a.m. GMT…and the absolute low [$1,651.00 spot] came at 8:45 a.m. in New York.
There was a slight spike to the upside once the London p.m. gold fix was in…but by lunchtime in New York, the price got sold off about five bucks from that high tick…and from there gold traded sideways into the 5:15 p.m. close of electronic trading.