The Phaserl


The Fed Reconsiders Letting Banks Trade Commodities

by Ed Steer, Casey Research:

¤ Yesterday In Gold & Silver

Gold spiked a bit in Far East trading on their Friday morning, with the interim high of the day coming shortly after 11:00 a.m. in Hong Kong. From there it declined until the London a.m. gold fix, which occurred at 10:30 a.m. BST…5:30 a.m. EDT. The subsequent rally made it to the London p.m. fix before a willing seller put in an appearance.

The high tick was at that point was quoted by Kitco at…$1,299.20 spot…and the gold price then got sold down a bit from there. Then shortly before 1:00 p.m. EDT, gold began to quietly rally once again, but never seriously challenged the $1,300 spot price mark again.

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