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NEW YORK (TheStreet) —
[NOTE: Sorry about no column on Wednesday, as I was rather ill on Tuesday. Ed]
In the overall, the gold price activity on Wednesday was pretty much the same as it was on Monday and Tuesday. The price rallies that began twenty minutes before the COMEX open got hammered withing minutes, as “da boyz” spun their algorithms. And, like Monday and Tuesday, the price got sold down into the COMEX close regardless of the fact that oil was continuing to rally—and the dollar index continued to head south with a vengeance. They even managed to close the gold price lower than it was on Tuesday.
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