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 ...
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
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
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
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.
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 )
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 !
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
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.