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Gold price rallies 3.5% in £s in under 24 hours

As if any more proof was needed just how the powers that be have totally destroyed any semblance of a free market we get today’s action in the gold market. The gold price started catching a bid around lunch time but really got going after some very weak economic data out of the US – which as always, has the money-printing junkies salivating at the lips.

And as is customary with very poor data out of the US it was soon followed up with a rumor that the FED was thinking about doing more money printing, this time an extension of the Operation Twist type of monetary easing.

It was £ gold that really caught the bid – rising some 3.5% from yesterday’s lows, but gold has shot up in all major currencies.

Gold £:

gold £ 17 may 2012 Gold price rallies 3.5% in £s in under 24 hours   (click for sharper image)

Gold £ (past 6 days):

gold £ 6 day chart Gold price rallies 3.5% in £s in under 24 hours   (click for sharper image) 

Gold $:

gold 17 may 2012 Gold price rallies 3.5% in £s in under 24 hours   (click for sharper image)

Gold €:

gold € 17 may 2012 Gold price rallies 3.5% in £s in under 24 hours   (click for sharper image)

Expect this erratic behavior to continue in the days and weeks ahead until we reach the day where the central banks of the world announce ‘global coordinated action’ (AKA massive money printing).

But judging by how the gold market reacts to even some rumors of money printing image the response by gold when the real thing happens.

As we mentioned yesterday patience is certainly the best virtue going forward when investing in gold.

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-rallies-3-5-in-s-in-under-24-hours-6937/

Posted by on May 17 2012. Filed under Analysis, Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.
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