JPMorgan et al Smash the Precious Metals Using the Job Numbers as Cover

Jon Gold, Market Commentary, Precious Metals

The gold price didn’t do much in Far East or early London trading on their Friday, as the world waited for the job numbers report at 8:30 a.m. EDT yesterday morning. And when they were announced, JPMorgan et al were ready. Most of the damage was done by 10:45 a.m. EDT, but shortly before the COMEX close, quiet selling pressure appeared once again – and gold was closed almost on its low of the day.
The high and low ticks were reported by the CME Group as $1,371.00 and $1,340.40 in the December contract.
Gold was closed in New York yesterday at $1,335.40 spot, down $25.00 on the day. Net volume was just over 195,000 contracts – and that includes October and December.

This post was published at GoldSeek on Sunday, 7 August 2016.