Saudis ? From yesterday. November 10, 2017, 11:47 AM CST Updated on November 10, 2017, 2:11 PM CST Bullion jolted after volatility seen near lowest since 2001 Prices poised for biggest loss in more than three weeks Trades that moved about 4 million ounces of gold in a matter of minutes awakened the precious metal from its slumber. After 11:10 a.m. on the Comex in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes. That triggered a sell-off, sending prices down as much as 1.1 percent. The trades jolted the market, which has seen 60-day historical volatility languishing near the lowest since 2001. The metal has struggled to sustain the pace of gains from earlier this year as the outlook for rising U.S. borrowing costs curbs demand for non-interest-bearing assets like gold. “We didn’t see any headlines, any news to make gold drop $10, but it just did,” Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals New York LLC, said by telephone. “It’s going with someone who has a huge position that can trigger stops and make the market move in a direction.” The trades accelerated a market exodus. In the half hour ended 11:30 a.m. volume reached 63,384 contracts. Futures for delivery in December settled 1 percent lower at $1,274.20 an ounce at 1:46 p.m. If the mysterious trades within that half hour were paid at the settlement price (which was unlikely), they would have been worth more than $8 billion. The bullion market has seen similar mysterious trades in the past few months. Last month, contracts covering more than 2 million ounces of gold traded in just five minutes, sending prices higher. Two months earlier, contracts for a similar amount traded in a minute, propelling the metal higher. In June, the market saw trades for over 1.8 million ounces posted in just a minute.
The price is being manipulated by those who can print money. They can sell an unlimited amount because they can roll into the next month by just paying the spread.
There is a new Goldfinger out there manipulating the price of gold. Who can it be ? Perhaps Trump is thinking of going back onto the old gold standard. If he suddenly decides that the US dollar should be backed by the price of gold it would raise its price a lot. Of course having ought a pile of it first.
Gold has a reputation for being manipulated and Friday's price action looks strange but was not localised. Noticed the mining indexes and the Rupee were affected along with a number of gold stocks, precious metals and copper. USD jumped slightly but nothing dramatic, all around the same time, puzzling. Stops will be tested on Monday as well re this lot. Little bit nerve wracking, see what transpires Monday.
I always wondered just into whose pockets did all those billions of QE money end up in ? I don't seem to recall a single penny of it reaching yours truly. The usual smoke and mirrors trick pulled by Wall Street etc. I suppose ? The Paradise Papers have thrown some light on the financial swamp. No action though. And why would that be ?
Really, gold going down less than 1% is a plunge? A plunge is down 10% or more. Please wake me up when a real plunge happens.
When gold or silver go down it is always manipulation. When gold or silver go up it is never manipulation. Complete nonsense.
Well I've been watching gold price keenly for a couple of years and Friday action was a little out of character I thought and ran some alarm bells with me, however key gold stocks in Australia looking ok today so far, so you can all put your pyjamas on again and relax.