REPORT ABUSIVE MESSAGE
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Subject
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HOLY CARP! Gold Flash Crashes By Almost $100 As $4 Billion In Sell Orders Hit
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Poster Handle
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Don Draper from Nantucket |
Post Content
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[ link to www.zerohedge.com (secure)] In the liquidity void that follows the resumption of futures trading, and which saw US futures trade modestly lower, a sudden burst of selling in the gold futures contract sent Gold pries plunging to as low as $1,677.0 or almost $100 lower from the Friday close of $1,761.50. there was no offsetting move in any securities after the futures reopen (the 10Y traded back over 1.30% but the move was orderly) when over $4 billion notional, or some 24,000 contracts.. were suddenly and furiously dumped in a completely price-indiscriminate manner whose apparent intention was to nuke the entire bid-stack. While there was no news or even pair-trade correlation catalyst behind the move, technicians have noted a "death cross" alongside a technical breach of USD 1,750/oz which triggered liquidation stops to the downside. [ link to www.kitco.com (secure)]
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