Saturday 22nd March 2008. Record drop!
A strange thing happened on Friday. Good Friday, that is. On Kitco, the spot market was said to be open but the gold price was a flat line both on the Kitco daily charts and on www.bullionvault.com. Here is what the Kitco chart looked like:
I would like to know why this happened: if the spot market was actually closed or if the gold price was virtually exactly constant during this day. It's very strange and it comes after a sharp $100 fall in gold earlier in the work followed by a $20 bounce. Actually, the other precious metal charts for Ag, Pt and Pd were similar, with the silver chart flatlining a little later than gold, so maybe the markets were closed - but why did it say it was open? Maybe it was an error.
I received an e-mail explaining that the NY spot market was closed on that day due to Good Friday, which I might have expected. I now guess that the spot market was open on other parts of the day in Asia, etc., so the OPEN statement was on all day but for that few hours in the middle, the market didn't operate because NYC was closed, if you get my meaning. So we got a flat gold price!