A massive dump of gold futures contracts immediately ahead of U.S. market opening is seen as responsible for much of yesterday’s gold price plunge.
Author: Lawrence Williams
Posted: Wednesday , 16 Apr 2014
LONDON (MINEWEB) -
Yesterday’s gold price plunge which saw the yellow metal fall from the $1,320s down as low as the $1,280s at one time, before making a small recovery, is seen by some as yet another instance of gold price manipulation in support of U.S. Fed policies and the large fall in the US dollar which had taken it down to below the 80 dollar index mark – considered by some as a key level.
According to U.S. website, ZeroHedge, at precisely 8:27 am eastern Standard Time, COMEX saw a massive gold futures contract sell order. “This morning, shortly before 8:27 a.m. ET, someone decided that it was the perfect time to dump thousands of gold futures contracts worth over half a billion dollars notional. This smashed gold futures down over $12 instantaneously, breaking below the 200-day moving averaged and triggering the futures exchange to halt trading in the precious metal for 10 seconds.” ...