Gold (and Silver) prices see-sawed today with the the yellow metal soaring rapidly shortly after the stroke of 11am this morning to tickle the belly of the psychological 1400/oz level. The COMEX gold price wavered between 1398 and 1400 until 12:45PM and hitting $1399.70 before dropping $6 like a stone just before 1PM hitting $1386.00 and finishing around $1389. The London PM Fix was set at $1389.
ZERO HEDGE take on the price drop:
Blythe Masters Reminds The RICO Club She Hasn't Been Fired Yet As Gold Chart Exhibits Thor's Hammer Formation
Another perfectly normal 6-sigma gold manipulation day where as gold was about to break $1,400, out of nowhere suddenly arrives JP Morgan's very own Blythe Masters. Elsewhere, the Comex check their spot gold screen, sighs, and switches over the SEC-endorsed porn channel. In other words: everything can be sold, except stocks as a down day (now that it is confirmed that banks pledge equity as
Below, gold demonstrates the Thor's Hammer formation made so trivial by JPM's commodities trading desk.
Gold Rises for Fourth Day as Dollar Weakness Boosts Demand for Alternative
Gold rose for a fourth straight day after the dollar weakened, boosting the appeal of the precious metal and commodities as alternative investments.
The dollar fell for a second day against a basket of six major currencies after a report showed pending home sales unexpectedly advanced in October. The Thomson Reuters/Jefferies CRB Index of 19 commodities jumped as much as 1 percent. Gold is headed for the 10th straight annual gain, touching a record $1,424.30 an ounce on Nov. 9.
“Gold is up primarily on dollar weakness and economic optimism,” said Adam Klopfenstein, a senior market strategist for Lind-Waldock in Chicago. “This is very positive for gold on the future inflation front.”
Gold futures for February delivery rose $1, or 0.1 percent, to settle at $1,389.30 an ounce at 2:05 p.m. on the Comex in New York. Earlier, the price reached $1,399.70, the highest since Nov. 12. The metal has gained 27 percent in 2010.
The index of pending home resales jumped a record 10 percent after dropping 1.8 percent in September, the National Association of Realtors said today in Washington. The median forecast in a