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

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

From the first paragraph of my Saturday commentary…”I don’t know what it is about that [one hour and change] stretch of time between the Sydney close and the London open…but if there is going to be a down day…it starts right there a large percentage of the time.” Any questions? Actually, both gold and silver got sold off the moment that the New York bullion banks opened for business 6:00 p.m. on Sunday night…which is very early Monday morning in Far East trading. Shortly before 3:00 p.m. in Hong Kong, gold had almost made it back to unchanged…and silver was actually up a couple of cents when the hammer fell. The bottom for gold came very shortly after the London a.m. gold fix at 5:30 New York time…and in silver, shortly after the Comex open. The ‘rally’ in the US dollar that started at the same time as the precious

Gold price action on Monday looked similar to Friday’s. The bottom for gold in the Far East came shortly after 3:00 p.m. in Hong Kong…rose until shortly after London opened, declined a couple of bucks…but once the London a.m. gold fix was in [10:30 a.m. in London...5:30 a.m. in New York], gold rose to its high of the day shortly after 11:00 a.m. This high [once again over $940] lasted until 9:00 a.m. in New York, shortly after the Comex opened…then it got taken down eight bucks to its low of the day at 10:00 a.m. in New York…which just happens to be the London p.m. fix…3:00 p.m. over there.

From that point it rose right into the Comex close…and was taken down and closed below $940 once again in the electronic market.

Silver’s chart pattern was virtually identical to gold’s.

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

Gold spent most of Far East and European trading hugging $890…and silver spent the same period within a dime of $12.70. Nothing to see here, folks! Then, shortly before the Comex open, both metals began smallish rallies…and half an hour after the Comex opened for business, it was lights out.

Not only did the dealers pull their bids in both metals, but I highly suspect that there was actually some fresh shorting by the Non-Commercials and Nonreportables [in the COT] as well.

As I’ve been saying for the last week or so, an assault on gold’s 200-day moving average would materialize sooner or later, as a couple of the U.S. bullion banks [JPMorgan (NYSE:JPM) and HSBC USA (NYSE:HBC)] still had huge short positions to unwind. Well, this could be the start. And whether or not they are going to take their sweet time about it…or have it all over and

Both gold and silver rose in Sunday evening trading on the Globex [counterparty...Western Pacific Ocean]. The peak prices in Far East trading occurred around lunchtime in Hong Kong. From there, both metals drifted slightly lower…and remained there all through European trading until the Comex open in New York…then away they both went.

Gold managed a $10 rally before some not-for-profit seller showed up at 9:15 a.m. Eastern time. Once the London p.m. gold fix was in, gold rallied again…making it a hair above $900 for a few seconds…before some other [probably the same] not-for-profit seller showed up. From there it got sold off into the close.

Silver’s 8:00 a.m. rally on the Comex was like a moon shot…and heaven only knows how high the price would have gone [certainly north of $13] if the same not-for-profit seller hadn’t showed up at exactly the same 9:15 a.m. time. Silver got sold off a

Despite a sharply rising US$ all through Far East, Europe and the Comex open…gold managed to stay within five dollars of its Friday closing price in New York. Gold and silver’s prices peaked at 9:00 a.m. in New York…when both had managed to claw their way into positive territory for the day. But once the London fix was in at 10:00 a.m. in New York, the rug got pulled out from under them.

As per usual, either [or both] JPMorgan (NYSE:JPM) and HSBC USA (NYSE:HBC) should be considered prime suspects.

Both the gold [above] and silver [below] charts show where they pulled their bids on three separate occasions during the day, and whatever sellers there were…were forced to sell into a vacuum. It’s the ’same old, same old’.

The tiny double bottom that occurred shortly after the close of Comex trading on Wednesday afternoon may have been the low in gold for this move. Both were ever so slightly below $900. From there, gold rose gradually until about an hour after the London a.m. gold fix on Thursday morning. Then it declined gently until shortly after the London p.m. fix was in. From there, away it went…until a not-for-profit seller showed up in after-hours Globex trading in New York and capped the little price spike that occurred at 3:30 p.m. New York time.

Silver’s antics were the same as gold’s, although the price action was more exaggerated. Silver began to rise once the London a.m. gold fix was in…then declined until shortly after the London p.m. fix…and then, it too, was off to the

Gold and silver did virtually nothing throughout Far East and early European trading. But that all changed at 9:30 a.m. in New York, when JPMorgan (NYSE:JPM) pulled its bids and the prices of both metals fell off a cliff. What makes these guys look even more ridiculous is the fact that they pulled exactly the same procedure at exactly the same time on Monday…to the minute! These guys have no imagination at all.

They might as well signed their autograph on gold and silver charts all over the world…”da boyz were here!” Here’s the gold graph…which looks like the silver graph.

As for silver, it did manage to ‘lose’ 20 cents in overnight trading before the bids got pulled at 9:30 a.m. Eastern time. Here’s the silver graph…which looks like the gold graph.