Not surprisingly, gold got sold down right from the time that trading began in the Far East at 8:00 a.m. in Hong Kong. An interim low was in just minutes before the London open...and from there it didn't do much until the 8:20 EDT Comex open in New York. The rally that began at that time, ran into a seller of last resort at 9:00 a.m....and then it was all down hill until 1:00 p.m. EDT. The rally from that point lasted until 2:45 p.m...and then it got sold down for about thirty minutes before trading sideways into the 5:15 p.m. electronic close. The low tick at 1:00 p.m. EDT was recorded by Kitco at $1,275.40 spot...and the high...around $1,301 at the 8:00 a.m. open in Hong Kong.
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.