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A tough week for gold in New York
Wednesday, June 10, 2009
If you didn't know any better, you'd think that maybe they're trying to keep the price of gold down in New York trading this week.
Up overnight, down shortly after markets open on the East Coast seems to be a recurring pattern, one that conspiracy-minded individuals have been noting for years. Things smell a bit funnier than usual this week since they're having such a tough time selling Treasuries.
4 comments:
yes, this is a familiar pattern that has been going on for years ... asia bids price up, NY bullion banks knock them down ... nothing much new here
While the trend MAY be old, a while back there was enormous selling right at 9:30am for over two weeks which dropped gold down a bit. The first day the 9:30 sell was not done, 2 weeks later gold was over $1000 again (sorry, cannot pull the time frame off the top of my head). There is only so much gold the central banks can sell, so keep buying!
Tim did you see this tidbit on Canada perhpas misplacing some of their precious metals?:
http://www.thestar.com/News/Canada/article/647671
Sounds like something Rocky and Bullwinkle might be able to help out with.
Somebody should do a spectral analysis but it has also always seemed to me that the oscillations in price during New York trading are the same everyday...I'm pretty sure there are a lot of computers in charge of trading as well. This would also explain the 9:30 sell, if you can almost count on the price going up overnight.
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