by Harvey Organ, HarveyOrgan.Blogspot.ca:
Gold closed down on Friday $25.90 to finish the comex session at $1648.30. Silver followed gold down by 78 cents to $29.89.
However in the access market both precious metals recovered: Gold:$1656.80 — Silver: $30.18
The trading in gold and silver are manipulated most of the time. The crooks will allow gold and silver to rise on a slow upward projection as the bankers manage their huge shortfall in both gold and silver derivatives. It would be wasteful to spend hours analyzing trading patterns when you have this massive manipulation on your shoulders and the regulators do nothing to correct.
In European news, we learned that Spain’s pension funds have loaded up on Spanish bonds and this vehicle has run out of room to purchase more Spanish bonds. Spain will need to raise at least 270 billion euros on the bond market this year with few takers. The Spanish banks are already broke and cannot take on any more Spanish debt. Expect Spain to finally go to the begging trough.