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And Then There’s This…Thursday, April 09th, 2009
Contrarian Profits (April 9th, 2009) Writes:
Gold didn’t do much on Wednesday. It rallied a bit in the Far East and got sold off mid-morning in London. The low of the day [such as it was] came at the London p.m. gold fix at 10:00 a.m. Eastern time. The subsequent rally got capped shortly after the price punctured $890…and then proceeded to get sold off [on big volume] right into the Globex close at 5:15 in New York. Total estimated volume was 87,493 contracts…with a switch effect of 5,876.
Silver was similar. A vertical spike at 8:30 a.m. in New York got squashed…and the low of the day was also at the London p.m. gold fix. And, like gold, the subsequent rally got capped at 1:00 p.m. Eastern before getting sold off to almost unchanged. Nothing to see here folks…please move along.
Open interest changes for Tuesday’s Comex trading showed an increase of 1,653 contracts in gold o.i….now
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