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

On Wednesday, gold vacillated between $740 and $750 all through the Far East and early European trading. Gold struggled to tack on about $20 within two hours of the Comex open in New York, but then it was lights out for the rest of the regular trading session.

Silver’s peak occurred an hour or so later. The boyz weren’t going to allow a runaway gold price after the Fed’s interest rate decision. To give you an idea of how hard they’ve been sitting on the gold market, consider this…in the last 36 hours (as of midnight last night)…the US dollar was down almost four full cents, the US Fed Funds rate was cut by a third…and gold was only up $30-40. Check your own charts if you doubt me. The gold price should have been up several multiples of that. Trading was heavier in silver than in gold…and in actual fact,