Friday night’s price action
Friday night was another interesting one for gold and silver. In what looked again like an orchestrated ‘hit’ gold lost about $20 in an instant after the US jobs numbers came in better than expected at 175,000 compared to expectations of 151,000. In a show of gold’s new found resilience in 2014 (and growing scepticism about the US recovery – even 175K jobs barely addresses natural population growth) it then chipped half of that loss away to close $11 down all up. There is also some early speculation Russia may have to sell some of its gold to support its falling Rouble. Russia has doubled its gold reserves since 2009.