The Phaserl


Sprott’s Thoughts: Chart of the Week…India Declares War on Gold

by Ed Steer, Casey Research:

¤ Yesterday In Gold & Silver

The gold price did next to nothing in early Far East trading on their Monday. The high of the day was at noon in Hong Kong trading…and from there it got sold down a bit over ten bucks with the low of the day coming just minutes after 8:30 a.m. in New York. The subsequent rally got cut short at 9:15…and that was pretty much it for the rest of the day.

The Hong Kong high was a hair over $1,390 spot…and the N.Y. low was recorded by Kitco as $1,379.80 spot.

Gold closed at $1,384.70 spot…down $6.80 from Friday’s close…but with gross volume a very anemic 82,000 contracts, I wouldn’t read much of anything into Monday’s price action.

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