this comes from ed steer:

From Ed Steer:

There were three small (capped?) rallies in gold yesterday, one in Hong Kong just before the London open, one in London just before the Comex open...and one in New York shortly after London closed. They added about $12 to the gold price by the time that trading ceased yesterday afternoon on the Globex.

Silver took a slightly different route. Its big gain came right on the Comex open in New York...but then it was capped...and did next to nothing for the rest of the day.

There wasn't big volume in either metal yesterday. Silver managed to close above both its 20- and 50-day moving averages, but not by a lot. It would only take a bit more activity such as this, before the tech funds begin showing up. Gold broke both the 20- and 50-day moving averages intra-day...but finished below the 50-day m.a. and right on the 20-day. As I said yesterday, the consolidation triangles in both metals are getting squeezed pretty good, and a breakout appears to be imminent. The only question is...will the eight bullion banks go short against the tech funds again? They are already short 80% of the Comex gold market and 77% of the Comex silver market.

http://caseyresearch.com/displayDrp....