Jim Grant: Gold is the Inoculation Against Harebrained Central Bankers
caseyresearch.com / Ed Steer / July 30, 2014
¤ YESTERDAY IN GOLD & SILVER
The gold price did little in Far East trading on their Tuesday, but rallied sharply the moment that London opened. The rally wasn’t allowed to get far—and then at, or shortly before the London p.m gold fix, the HFT boyz showed up and spun the price back below the $1,300 spot mark, with the low of the day coming at 12:15 p.m. EDT. From there the gold price poked its nose back above the $1,300 price mark, but wasn’t allowed to close there.
The CME Group recorded the high and low ticks as $1,312.10 and $1,295.50 in the August contract.
Gold closed in New York yesterday at $1,298.80 spot, down $4.70 from Monday’s close. Gross volume was north of 350,000 contracts, but it netted out to an insignificant 8,500 contracts.
The price chart for silver was similar to gold’s, but the price action was more volatile. The high and low ticks for silver occurred at the same time as they did for gold.
