“We’re all set up to go to the upside…and it just remains to be seen how far and how fast JPMorgan et al will allow prices to rise.”

¤ YESTERDAY IN GOLD AND SILVER

The Kitco website went down for scheduled maintenance for about two and a half hours in the wee hours of Friday morning…and did not come back on line until after I’d hit the ‘send’ button on Friday’s column.

During that time, the low price print for gold was in for the day…and maybe even for this move down.

Once that low was in, which came shortly before 10:00 a.m. in London, gold began to rally.  It really took off once the jobs numbers were released at 8:30…and the price got hit the moment that happened.

But the gold price continued to rally until an amazing out-of-the-blue rally in the dollar index showed up around the London p.m. gold fix…and that put a temporary kibosh on the gold rally. Once the dollar rally burned itself out, the gold price began to rally anew, but never made it back to it’s earlier high…and once Comex trading ended at 1:30 p.m. in New York, the gold price got sold off a few dollars in the close of electronic trading.

The low for the day in morning trading in London came in around the $1,625 spot mark…and the New York high [$1,648.50 spot] came about 9:50 a.m. Eastern.

The gold price closed up $6.30 on the day.  Net volume was pretty healthy at around 132,000 contracts…so it’s a good bet that JPMorgan et al had to use some heavy lumber on the gold price yesterday morning in New York to prevent it from getting away on them.

Silver’s price path was mostly same, except the low of the day came about 11:15 a.m. in London…quite a bit later than the low in gold.  After that the silver price followed the gold price very closely.

The silver price closed at $30.34 spot…up 27 cents from Thursday’s close.  Net volume was pretty heavy at 39,000 contracts.

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