Another significant blip in the gold price (4200 contracts dumped in a second)- this is the third time I've seen this type of instant dumping in less than a year:
http://blogs.marketwatch.com/thetell/20 ... ipulation/
Unlike previous ones (notably last April), this one did not change the price significantly, but it is odd that this keeps happening, and only on the gold market.
Flash Crash of Gold Price on 6 Jan - why?
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mortalpawn
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Re: Flash Crash of Gold Price on 6 Jan - why?
It was closing in on $1,250 which is a place that a lot of buy stops probably are. Someone with a lot of money who is probably short did not want it hitting those stops I suspect.
It is very odd activity. Hopefully it punched out people who were long but had tight stops or sucked in new shorts. All will have to buy in at higher prices I hope. The fact that it couldn't hold for more than a couple minutes is a positive sign for gold I think.
It is very odd activity. Hopefully it punched out people who were long but had tight stops or sucked in new shorts. All will have to buy in at higher prices I hope. The fact that it couldn't hold for more than a couple minutes is a positive sign for gold I think.