‘Summer Inertia’ Hits Gold
Doug Casey (July 10th, 2009) Writes:
Gold traded mostly sideways yesterday. Apart from a $10 jump up towards the end of Comex trading and then an equal slide down early on the Globex, it was a tame day. The yellow metal closed at $912.30/oz., up $3.20. Overnight, gold is trending lower. Platinum took off late in Hong Kong yesterday, adding about $16. The rest of the day it trended slightly down to end at $1106/oz., up $9. Overnight, platinum is little changed.
Silver didn’t do much through Hong Kong, but started a roller coaster ride in London that lasted through the Globex only to end the day little changed at $12.82/oz., down 3 cents. Overnight, silver is trending lower. (Click here for charts)
“Summer inertia” has hit gold-market speculators according to Edel Tully at London dealers Mitsui.
“We believe [the Gold Futures] market remains overly long and further liquidation desires remain in the wings. Until this
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![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)


