what happened tonight at 9:36-9:40 pm EST in CBOT gold ?

Discussion in 'Commodity Futures' started by SethArb, Nov 30, 2006.

  1. hey ... another case of OOPS ... lets get the gold futures up to the level they were at a few hours ago basis the GLD etf

    then lets take em back down to where they were ...

    fat finger to cover auto ex prints on the GLD ?

    when comex comes to globex ... next week hopefully
    things will be more under control and maybe some folks
    who have been hurt by the CBOT stuff will migrate to
    comex on globex and hope they do not get the same
    treatment there

    its buyer and seller beware out there ...

  2. What exactly happened, Seth?
  3. you know what ... I have to apologize ... if the futures were reacting to the SPOT market ... gold did spike at that time

    I am still trying to figure out if comex gold moved like
    cbot ... perhaps not ... another sign perhaps that for better or worse right now ... the cbot gold leads the way

    in ease of entry and execution compared to the comex platform
    which might be another reason why they are moving to globex
    next week
  4. one more thing ... I think some of this was a reaction to crude oil spiking ... whether gold followed crude or the other way around

    one possible reason for the spike ...

    some news item about the "bad guys" wanting to make
    a problem for us

    in our USA stock markets or online brokers

    so in a quiet market ... someone panicked?
    ans perhaps that explains the earlier buying in GLD
    maybe someone had heard of this report earlier in the evening
    in the USA

  5. today is the fiscal year end for some Asian shops and the talk is that they would gun oil and gold to make the best of the year end........

    and on a broader note, gold and crude are reacting to the fact that the Iraq war is lost (as if it were anything else) and Iran and Syria will run the show as soon as we can do the "peace with honor" shuffle and get the hell out....

    Viet Iraq redux
  6. basis


    Unless you're a COMEX member or have existing positions, trading Globex will be silly. It will be MUCH more expensive.

    However, arbs will keep Globex and eCBOT in line, so some of these moves will be damped.
  7. update :

    looks like the silverados ... did the exact same thing as the goldbuggers

    they ran silver up a few extra cents ... and then backed it down

    ok ... it was only 5 cents or so ...

    but on the chart ... it looks like the same spikeroo
    as gold's earlier last night

    ( yawn )

  8. update .... there is a new "BOT" in town in the mini gold and silver

    at least that is my perception in the european session

    all of a sudden ... huge size in YG and YI

    the bot in YI can be made to keep a tight spread

    it is like a little puppy ... but needs a long leash !

  9. final update ( yawn )

    looks like a fat finger cascading stops hit in YG

    a few minutes ago

    sheesh ...

    dropped $2-3 real quick ... then back to the
    price level before this happened
  10. what was interesting about this spike was that it lasted so long and went back and forth several times. usually it's just a spike up and rapid drift back down to equilibrium. this time, it went from 652 to 657, down to 655, back up to 657, to 655, to 657 then down. it took five minutes instead of 30 seconds, and there were nearly no bids or offers between 655 and 657 for the duration of the back and forth action. pretty strange.
    #10     Dec 1, 2006