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Nothing Happens in Any Major Market Now Without China’s Consent, GATA’s Secretary Says

by Ed Steer, Casey Research:

The gold price chopped sideways in a five dollar price range up until shortly before 1 p.m. GMT in London on their Thursday. Then, in a minute or so, the price got sold down about six bucks, before rallying strongly after that. The rally got capped less than an hour later at 8:30 a.m. in New York. From there, gold traded sideways until about noon—and at that point it developed a slightly positive price bias, which really developed some legs at 2:30 p.m. in the thinly-traded New York Access Market. That rally lasted until just about 4 p.m. EST—gold’s high of the day—and then the price didn’t do much after that going into the electronic close.

The CME Group recorded the low and high ticks as $1,307.10 and $1,325.30 in the April contract.

Gold finished the Thursday session in New York at $1,323.00 spot, up $12.10 from Wednesday. Volume, net of February and March, was very decent at 144,000 contracts.

Read More @ CaseyResearch.com

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