Tuesday, October 21, 2008

FROM CASEY RESEARCH'S DAILY EMAIL (FREE)

http://caseyresearch.com/displayDrp.php?e=true And then there's this... From Ed Steer: In early Monday morning gold trading in the Far East, the price did exactly what one would expect...it started climbing steadily. But, as one would also expect, someone was there to make sure that the rally didn't get out of hand to the upside. Gold and silver prices showed every sign of going parabolic shortly after Hong Kong opened...so a not-for-profit seller showed up. The top for gold was in during the usual time period...between 2:00 a.m. NY time and the opening of the London gold market. Gold followed the same pattern as Friday...selling off all day until London closed. Silver was similar, but began to recover in price after the London p.m. gold fix. Gold open interest on Friday fell a respectable 5,382 contracts...and silver o.i. slid another 2,067 contracts...which is more than respectable. The JPMorgan/HSBC USA really are getting blood out of a stone. This down-side price pressure on gold and silver can't...and won't...last much longer.

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