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NEW YORK (TheStreet) —
The gold price didn't do a lot during most of the Far East trading session, but starting about thirty minutes before the London open—3:30 p.m. Hong Kong time—a rally developed in it and the other three precious metals as well. The high tick came minutes after 5:10 a.m. EST, as I was watching the chart as it happened—and as I said in The Wrap section of yesterday's column, HFT volume was immense—as JPMorgan et al threw 'whatever it took' at it to prevent the price from exploding to the upside, which is precisely what it was attempting to do, as it had all the hallmarks of a 'no ask' market.
'Da boyz' had the price more or less back in the box—and back below $1,200 spot—by the London p.m. gold fix, but the price chopped quietly higher from that point right into the close of electronic trading at 5:15 p.m. EST.
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