Well, the bottom for gold on Wednesday was about 2:00 p.m. in Hong Kong…1:00 a.m. in New York. From there it rose in fits and starts until the Comex open…where it got sold off for about an hour or so. Then, at precisely 9:00 a.m., away it went to the upside…until it ran into some opposition at the London p.m. fix [3:00 p.m. London...10:00 a.m. New York.] The London close occurred an hour later…and that was obviously it for the day. Volume was extremely heavy…170,000 contracts were traded…and that’s net of what few switches there were.

The silver chart was almost a mirror image of its golden cousin…with the top silver price coming at the close of London trading.

The open interest number for gold on Tuesday was a big surprise. Even though gold rose about $18 on that day, there was actually a decline of 99 contract in open interest to

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