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For mainstream news agencies, gold's flash crash must be somebody's 'mistake'

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Monday, 26 June 2017 | Print  | Disqus 

Nobody dares to ask central banks about their gold trading, which is not a "mistake" but longstanding policy, as documented here:

http://www.gata.org/node/14839

* * *

Gold Plunges After 1.8 Million Ounces Were Traded in 1 Minute

By Eddie Van Der Walt
Bloomberg News
Monday, June 26, 2017

Gold sank like a stone at 9 a.m. in London after a huge spike in volume in New York futures that traders said was probably the result of a "fat finger," or erroneous order.

Trade shot up to 1.8 million ounces of gold in just a minute, a level not reached even with the surprise election of U.S. President Donald Trump or Britain's vote to leave the European Union.

"No one has a clue, apart from the unfortunate individual that pressed the wrong button," David Govett, head of precious metals trading at Marex Spectron Group in London, said of the spike in volume. Thin activity and automated trading may exacerbate such moves, he said.

Others said a trader may have made a larger order than intended, or underestimated the market's ability to absorb so much gold. ...

Rising use of computer-driven algorithmic trading has often been blamed for extraordinary movements in financial markets, known as flash crashes, in recent years.

"These moves are going to become more widespread with the way things are going," Govett said by email. "The more they happen, the worse they will become as people back away from holding positions."

EDITOR'S NOTE: That's exactly the idea, Eddie:

http://www.gata.org/node/17081

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-06-26/gold-plunges-as-1-8-m...

* * *

Huge Sell Order Pushes Gold to Six-Week Low

By Zanhi Shabalala
Reuters
Monday, June 26, 2017

LONDON -- Gold tumbled to its lowest price in nearly six weeks as a large sell order and a stronger dollar hit sentiment today, though losses were limited by political uncertainty around the world. ...

The sale of 18,500 lots of gold, totalling 1.85 million ounces, and 5,000 ounces of silver in 5,500 lots on Comex in a short space of time was behind falling prices, said Afshin Nabavi, head of trading at MKS in Switzerland.

"Clearly somebody sold it by mistake and bought it back quickly, triggering stops below $1,250," said MKS trader Bernard Sin. ...

... For the remainder of the report:

https://uk.reuters.com/article/global-precious-idUKL3N1JN34X

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

 


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 -- Published: Monday, 26 June 2017 | E-Mail  | Print  | Source: GoldSeek.com

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