Tuesday, June 2: Today in Gold and Silver

NEW YORK ( TheStreet) -- The gold price popped for about five bucks at the New York open on Sunday evening, but "da boyz" were there within fifteen minutes to put the kibosh on that.  From there it traded pretty flat until the London open---and then the selling pressure began anew.  By the COMEX open, the price was down five dollars.

Then ten minutes after the open, the gold price began to rally in earnest, breaking through its 50-day moving average in the process---and JPMorgan et al were there at the London p.m. gold fix to put an end to it all.  By the 1:30 p.m. EDT COMEX close, the price was engineered to slightly below its Friday close---and it traded flat from there.

The low and high ticks were reported by the CME Group as $1,184.00 and $1,204.70 in the August contract.

Gold was closed in New York yesterday at $1,188.80 spot, down $1.20 from Friday.  Net volume was huge at 165,000 contract, with virtually all of it in the current front month, which is August.

Here`s a partial 5-minute gold chart courtesy of Brad Robertson---and as you can tell, the volume to the upside on the rally was much higher than the volume required to engineer the gold price back to unchanged---and Ted Butler has a comment on that in The Wrap section.

It was more or less the same price pattern in silver, so I'm sure you can fill in the blanks on this metal on your own.

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