by Ed Steer, Casey Research:
Along with the rallies in early Far East trading on their Thursday morning, the rallies in all four precious metals that I watched unfold between 5:05 a.m. and 5:30 a.m. EST was all there was to yesterday’s ‘fireworks’. From its high at that point, gold got quietly off into the London p.m. gold fix—and ‘da boyz’ took care of the rest, as they dropped the price back below the $1,200 spot mark—and it’s 50-day moving average. That’s where it stayed for the remainder of the day.
The low and high were recorded by the CME Group as $1,188.50 and $1,213.90 in the February contract.
Gold closed in New York on Thursday afternoon at $1,197.90 spot, up $9.00 from Wednesday. Volume, net of December and January, was 145,000 contracts.
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