Gold added about five bucks to its price from the time that trading began in the Far East Thursday…and the London a.m. gold fix. Then from there, it gave back seven dollars going into the p.m. gold fix…and after that, it gained over eight dollars until half past lunchtime in New York. Then a really serious seller showed up taking nine bucks off the price between then and the close of electronic trading in New York. It was pretty choppy trading all around…and it was obvious that every rally ran into serious resistance. The same could be said for silver. But according to the usual New York gold commentator [who is not Dennis Gartman, by the way], volume in gold was heavy…estimated at 140,658 contracts…”which involved a 21.6% surge in the last half-hour. The presence of such determined buyers and sellers during the floor session is unusual.”

Wednesday’s open interest in

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Gold declined gently throughout Far East and early European trading on Tuesday…and by shortly after lunchtime in London…had given up around four bucks. From there, a smallish rally developed that made an attempt to continue rallying on the Comex, but got cut off at the knees [at its high of the day] shortly after 9:10 a.m. Eastern time. This decline lasted until 1:15 p.m. in New York…and by the time electronic trading ended at 5:15 p.m. yesterday afternoon…gold was back to virtually unchanged from Monday’s close. Silver didn’t do much. It lost a dime in choppy trading.

I mentioned yesterday that the open interest decline on Friday [in that short-covering rally] would have been somewhat offset by the big rally that we had on Monday. Well, I was only partially right. Open interest for Monday’s big day showed a staggering increase…up 12,999 contracts to 393,536…on big volume of 139,361 contracts. Friday’s

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All was calm in Far East trading on Friday morning. Both metals began to slip a little starting at 3:00 p.m. on Friday afternoon in Hong Kong. This lasted through London trading as well…and by the time the Comex opened, gold was down $10 and silver had slid about 23 cents. But once trading started in New York, both gold and silver rallied strongly…but it should be noted that gold ‘ran out of gas’ just before $940 once again. However, silver did better…adding a bit over 30 cents before it, too, ran into ‘resistance’…but managed to close almost on its high of the day.

There wasn’t big volume yesterday, so not too much should be read into this action…but it’s always noteworthy so see that parabolic rises in prices are never allowed to get too far out of hand before the usual ‘not for profit’ sellers show up.

Despite the fact that

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It was a very uneventful Thursday…at least as far as gold and silver prices were concerned. Both metals rose and fell gently from the beginning of Thursday’s trading in the Far East…right up until the London silver fix 13 hours later…which is noon in London and 7:00 a.m. in New York. By that time, their respective prices were both back to almost unchanged on the day. But once the silver fix was in, gold tacked on about $7…and silver gained around 16 cents by the end of New York trading at 5:15 p.m. A certain amount of this rise may have had something to do with the falling US dollar…which began its descent shortly before 11:00 a.m. in New York.

The only happening of note, was that every attempt by gold to breach $940…or silver to break above $14…was quietly turned back.

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Both gold and silver rose and fell together in fits and starts all through Far East and early London trading on Wednesday. Both metals went vertical the moment [or very shortly after] the London silver fix at 12:00 noon in London…7:00 a.m. in New York. Someone obviously didn’t like that, and both metals were under serious selling pressure immediately.

This continued through the Comex open…with the bottom coming at the close of London trading at 4:00 p.m. in their afternoon…11:00 a.m. in New York. Both metals rallied a bit after that, but both finished a bit below their Tuesday closes at the end of electronic trading at 5:15 p.m. on Wednesday afternoon. Both metals put in what [in technical terms] is called in a ‘key reversal to the downside’. This is not normally a positive development.

Open interest changes for Tuesday’s trading were as follows. Gold o.i. finally fell…this time by 7,719

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William Murphy of GATA (Gold Anti-Trust Action Committee) explains how the #8216;Cartel#8217; suppresses the price of gold The Daily Bell The editors of the Daily Bell are pleased to present this comprehensive and exclusive interview conducted by Scott Smith with William Murphy of the Gold Anti-Trust Action Committee. Introduction: Bill Murphy grew up in Glen Ridge, New Jersey [...]div class="feedflare" a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=yIl2AUoC8zA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:F7zBnMyn0Lo"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=JPQWF6R0ae0:IZ5fyR89dRU:F7zBnMyn0Lo" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:7Q72WNTAKBA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=7Q72WNTAKBA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:V_sGLiPBpWU"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=JPQWF6R0ae0:IZ5fyR89dRU:V_sGLiPBpWU" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:qj6IDK7rITs"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=qj6IDK7rITs" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:l6gmwiTKsz0"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=l6gmwiTKsz0" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=JPQWF6R0ae0:IZ5fyR89dRU:gIN9vFwOqvQ"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=JPQWF6R0ae0:IZ5fyR89dRU:gIN9vFwOqvQ" border="0"/img/a /div

old was taken down a few dollars in Sunday night trading by the bullion banks in New York…but once Sydney and Hong Kong opened for the day, gold [and silver] returned to the plus column. Gold saw its highs moments before Hong Kong closed…and silver shortly after…in early trading in London. From there, both metals got slowly sold off. The real action didn’t start until the Comex open, where every rally attempt in either metal…but gold in particular…got sold off by a not-for-profit seller.

With oil up, the US$ down…and the CRB making a major upside move…$1,000 gold was a 12″ putt. But it was obvious [at least to me] that someone didn’t want that to happen…at least not yesterday. Platinum and palladium were both up almost two percent.

The open interest numbers for Friday’s big up day in both gold and silver were

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It was another stellar day for all the precious metals yesterday…gold, silver platinum and palladium. Gold was up a hair over two percent…and the other three metals were up four percent plus.

Gold rose almost from the Globex open at the start of Friday morning trading in the Far East…and really moved to the upside the moment that Sydney closed for the weekend. From there, it rose steadily through London and the Comex open…with the peak price coming at the 4:00 p.m. London close…11:00 a.m. in New York. However, gold managed to close very close to its highs of the day [for a gain of almost $20] by the time electronic trading on the Globex system was over at 5:15 p.m. late Friday afternoon. The usual N.Y. commentator added this…”Aggregate estimated volume was only 100,104 lots and less than 25,000 contracts traded in the last three hours.”

However, the star performer was

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Source: James West, Midas Letter  05/26/2009
Here we go again. The forces of legitimate money versus the incumbent purveyors of the candy floss economy squared off at the $1,000 an ounce line over which yet another battle will be fought. Arrayed against either side are formidable new elements and tried and true old ones. As usual, the first volley has been catapulted over the walls of the hucksters by the defenders of the essential timeless truth of gold’s naturally stored value against the counterfeit paper currencies.

The liabilities of the enemy have increased, and the short positions in the COMEX market are sufficiently stacked that the big bank defenders simply cannot allow gold to win decisively. G7 governments are allied against gold to a man, while emerging economic behemoths China and Russia stand in opposition.

In particular, China’s revelations that it has been in a continuous accumulation mode for the last several …

Gold tacked on about $10 in early Wednesday morning trading in the Far East. But shortly before London began trading, all the those gains began to disappeared. The low for the day was shortly after Comex floor trading started. From there, a spirited rally began, which went vertical right after London closed for the day…but [as always] there was someone standing there with a hammer to make sure that the rally went no further.

click to enlarge

Silver was up a dime by 3 p.m. in Hong Kong in their afternoon yesterday…when it, too, began the long decline…with the bottom coming at 9:30 during Comex trading. The rally in silver ran into the same seller as gold…and at precisely the same time…and that was it for the day.

Initially, the precious metals shares held up well despite the onslaught…but the

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