Monday, March 14, 2011
Gold This Morning: And the Band Played On --Jonathan
Electronic trading of gold reopened last night (1800 every night except Friday and Saturday) with a keen and unblunted $12 buck pop on serious volume and then spent the remainder of the night absent contention from Oscar, Grammy, or American Idol giving it all back. I'll refrain from my usual rant other than strongly suggest a scintilla of sneaking suspicion that the usual suspects leaned on this robust continuation of Friday afternoon's in your face squeeze. The facts remain supportive. GSR is down sharply ~39.60 from the Friday morning swoon. RSI is ~ 60.60. Latest open interest eased ~5,500 contracts and continues to reinforce that the gold audience isn't paying scalper prices for court-side seats. Last week's COT figures (released Friday) had that subtle frisson of something different as large specs in fact were modest sellers and shorters while the commercial net covered. Today: Just another dose of significant global 0% liquidity from Japan and in your face Ireland restructuring of Greek IOUs by the EU so let's hone in on the old high, $1437.70, and see if our rivals still have the grit to boogie all day.