It was a quiet trading session in both the Far East and London on Friday... and gold was only down a few dollars when New York opened for business. Almost from the open, gold was under selling pressure. But once the London p.m. gold fix was in at 10:00 a.m. Eastern time, gold quickly rallied back to it's Comex opening price. But a few minutes after 10:30 a.m. the news broke about the "Giant Vampire Squid"... and the bullion banks hit the gold price immediately.
Under 'normal' circumstances, news such as this would be extremely gold friendly... but 'da boyz' were there to make sure that that didn't happen. It wouldn't surprise me in the slightest if they had been told in advance and were lying in wait. The powers that be wanted to make sure that everyone would see that bad financial news is a negative for gold... and a positive for the U.S. dollar... which was rallying at the same time.
Anyway, by the time the smoke cleared at gold's low of the day... which occurred at precisely 12:00 noon Eastern time... gold was down $30 from its Thursday close. Then the selling pressure disappeared, volume evaporated... and gold gained back about $8 from it's low... which was $1,129.30 spot.
Mission accomplished!
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