Gold This Morning: Only the Price Has Changed --Jon

Active overnight volume made an obligatory stab at trying to take out last Tuesday's run for the roses that was triggered when we first poked through $1320 so holding the low at $1325.60 while not exactly pretty did not tarnish the bold move that day. The numbers: GSR rose by a handle to ~59.10 which changes absolutely nothing; Wednesday's open interest was higher by ~4,000 contracts which given overall turnover we can conclude that there is some new money. Option vols have firmly risen for 'at the money' to 18.5 so call spreads written yesterday at higher prices are more or less unchanged this morning...let that sink in. RSI is currently ~71 and has dropped 14 handles from yesterday's highs (silver dropped similarly) which should appropriately put a cork in hysterical cries of 'over-bought'.Today: It's Friday and I apologize for being late with my comments as I just arrived from Washington after an evening observing our global financiers and their acolytes, most of whom have no bottom-line experience, bowing, scrapping and waving little white feathers as they whimpered about the stress of currency wars after years of thinking they could manipulate them. Today may be early to resume the upside, but yesterday's bear trap should get a few sellers squirming before the long weekend begins.