CFTC Lets Morgan Get Away With Rigging Silver Market: Ned Naylor-Leyland

As I commented in ‘The Wrap’ section of this column yesterday, every rally in the gold price that looked like it had the potential to take the price sharply higher, got sold off in Far East and early London trading on Tuesday…with top coming just a few minutes after the London open, when it looked like the gold price was going to blast up to the $1,700 spot price mark.

That proved to be gold’s high tick of the day…and once the London a.m. gold fix was in at 10:30 a.m. British Summer Time [5:30 a.m. Eastern], the selling pressure began anew…and it was basically a one-way trip to the low of the day which came in the thinly-traded New York Access Market just minutes after 3:00 p.m. Eastern time.

The gold price recovered about $30 going into the close…and finished down $36.70 from Monday’s closing price. Net volume was pretty chunky at 200,000 contracts.

via CFTC Lets Morgan Get Away With Rigging Silver Market: Ned Naylor-Leyland – Ed Steer’s Gold & Silver Daily.

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