There is suddenly a lot of interest in the idea that the federal government will make holding gold illegal, an example of which is “Is the Confiscation of Gold by Certain Central Banks Likely?” by Julian D. W. Phillips of GoldForecaster.com.

He reminds us that “in 1933 the US government banned the ownership of gold by US citizens and purchased all but rare gold coins from the US public. They did this, at $20 an ounce. Two years later they revalued gold to $35 an ounce, a 75% revaluation” which instantly gave the government a lot of new, but still 100% gold-backed money to spend!

What a blatant, brazen theft! And nobody says anything! But let me take a few bucks out of the employee pension fund, petty cash drawer or the coffee jar, then it is some kind of “big deal” around here and everyone wants me to get fired! What

Gold was higher in the far East on Monday, peaking there at $988, then fell off into the late morning, rallied one last time to just past the noon hour, then fell into the red and stayed there, finishing at $974.60/oz., down $2.00. Overnight, gold has edged higher.

Platinum pushed higher in the far East and remained there, trading within a $15 range all day and, though ending at the low end, still added $21, to $1209. Overnight, platinum is slightly higher.

Silver peaked at $15.95 in London, declined sharply into the late morning, then followed gold with a brief rally and another pullback, to close at $15.59, down 20 cents. Overnight, silver is trending higher. (Click here for charts)

The precious metals were probably looking to start June with a bang, as a follow-up to May’s strong finish but, with the exception of platinum, it didn’t happen. Aficionados had

Gold had a boring, if mildly positive, day on Friday, as many traders left their desks to get a jump on the Memorial Day weekend, locking the metal up in a tight range between $950 and $960, leading to a finish at $956.50/oz., up $2.60. For the week, gold added 2.8%.

Platinum fell off in the far East, rebounded to the New York open, then traded choppily through the rest of the day, to little ultimate effect as it ended at $1153, up $4. For the week, platinum was up 4.7%.

Silver was also off in Hong Kong, but rose sharply in Europe, peaking at $14.81, then traded inside a 20-cent range for the rest of the day, closing in the middle at $14.69, up 14 cents. For the week, silver gained a robust 5.3%. (Click here for charts)

The precious metals did well, holding onto their gains for the

Gold declined from Hong Kong through the first hour of New York trading on Monday, shedding about $15, rallied back until the noon hour, but then fell right through the Globex to finish at $906.20/oz., down $6.80. Overnight, gold has fallen off.

Platinum really hit the skids, plummeting straight through with little interruption, ending at $1140, down $35. Overnight, platinum is sharply lower.

Silver fared much better than its sister metals and, even though it too peaked in early far East trading, it managed to hold above $13 all the way through the Comex, before easing on the Globex to close at $12.90/oz., up a penny. Overnight, silver has fallen steeply. (Click here for charts)

Precious metals fanciers couldn’t have been too disappointed with yesterday’s action, given that silver held steady and gold fell only modestly in the face of both a rising dollar and slumping oil.

Most of the market

Gold was flat until the beginning of the London session, then shot higher until just after the New York open on Thursday, peaking at $925, after which it eased through the rest of the day, finishing at $914.50/oz., up $8.60. Overnight, gold has been flat.

Platinum followed a very similar path to gold, ending at $974/oz., up $9. Overnight, platinum has pushed higher.

Silver also jumped from the London to the New York open, but it leveled off there until near the Comex close, when it rallied again, finally closing at $12.90/oz., up 36 cents. Overnight, silver has edged lower. (Click here for charts)

If was a pretty strong day for the precious metals, especially considering that the dollar was only marginally lower against the euro, but oil and equities both turned higher as the day wore on.

Gold is in fact not only moving contrary to stocks, up 3%

Gold was slightly lower until the mid-point of London trading on Tuesday, but headed modestly upward from there to the close of the Comex, at which point it went near-vertical, soaring $20 on the Globex to finish at $857.50, up $20.60. Overnight, gold is slightly lower.

Platinum bottomed at $830 around mid-morning, then pushed higher through both the Comex and Globex, edging past gold and ending at $863, up $28. Overnight, platinum has been flat.

Silver followed a path very similar to gold’s, with an even more stunning spike on the Globex that carried it well past $11 to a close at $11.21, up 58 cents. Overnight, silver is trending lower. (Click here for charts)

Tuesday was a smashing follow-up to Monday’s solid start to the week for the precious metals, as all three kicked into high gear late in the day, following the Fed meeting.

Whatever downward pressure was exerted

It was a wild ride for gold on Monday, with a near $60 swing between low and high, with much of the action coming on the Globex, after the bailout vote, as the metal spiked to $925 before subsiding to finish at $903.50, up $24.60 from Friday. Overnight, gold has fallen off.