Gold jumps up...then falls down
So here we go again with gold's "drama." Yesterday it sunk for half the day. But the second half of the day, the spot price jumped up 13+ points. Now this morning the spot price is sinking again - down 14+ as I'm writing this. The battle continues. The traders are having a field day. I hope somebody's making money on all this.
This might be a good time to point out the difference between the spot price and the COMEX price I've alluded to before. Yesterday, the COMEX "settlement" was +0.7. So while the spot price sunk, then jumped, the settlement on the COMEX pretty much stayed steady. And now that the spot price sinks this morning, after jumping yesterday after the COMEX settlement, we'll see where the price settle on the COMEX later today.
So maybe you think of the COMEX settlement as a way to get the "real" price for the day. At least it "settles" on a price at some point.
Of course, you could just buy gold and hang on and ignore all the noise. It's a thought.
This might be a good time to point out the difference between the spot price and the COMEX price I've alluded to before. Yesterday, the COMEX "settlement" was +0.7. So while the spot price sunk, then jumped, the settlement on the COMEX pretty much stayed steady. And now that the spot price sinks this morning, after jumping yesterday after the COMEX settlement, we'll see where the price settle on the COMEX later today.
So maybe you think of the COMEX settlement as a way to get the "real" price for the day. At least it "settles" on a price at some point.
Of course, you could just buy gold and hang on and ignore all the noise. It's a thought.
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