The Remarkable Resiliency of Gold and Silver

by David Kranzler
Investment Research Dynamics

The price of gold continues to hold up under the enormous selling in the paper derivatives markets on the Comex and LBMA. This morning’s price attack is a good example:

[…] The chart above shows December paper gold in 5 minute intervals. Typically the price of gold is taken lower leading up to the a.m. London “fix,” in which the “price fix” process is characterized with heavy offerings. Lately the price bounces after that. And of course there’s the obligatory price-smack when the Comex floor trading commences (8:20 a.m. EST). Check that box. Then the “hey can I tell you the good news” item hit the tape about 4 minutes after the NYSE opened. The hedge fund algos spiked the S&P 500 futures and dumped paper gold.

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