In The Strange Case Of Gold's Regular Morning Mugging
February 20, 2013 - 8:48pm
Submitted by Adam Taggart of Peak Prosperity blog, Not everyone is a morning person. And few people like Mondays. But if you're a precious metals investor, mornings – especially Mondays – are brutal. The Evidence The precious metals are routinely sold off at or soon after the 8:20am EST morning open of the New York NYMEX exchange. Below are the daily gold price charts (source: Kitco) for each Monday (or Tuesday, if Monday was a holiday) since early this year. The current day's gold price is noted by the bright green line. The morning takedown is highlighted by the orange oval. Monday, January 7 Gold is taken down $10 immediately after the 8am NYMEX open Monday, January 14 A late breaking rally begun on the London exchange is quickly contained at the NYMEX open, and then beaten down nearly $10. Notice that the previous Friday's gold price action (the bright blue line) also showed the same behavior at the same time, but with an even more severe response once the NYMEX opened. Monday, January 21 The 8am sell-off is smaller here (only a few $), but still noticeable. Monday, January 28 Again, a sell-off happens after the 8am open. Note again how the previous F...
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