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Sharps Pixley's Norman blames gold smashing on single seller 'out for effect'
8:25p Thursday, March 1, 2012
Dear Friend of GATA and Gold:
In his gold market commentary today Ross Norman, proprietor of the London bullion broker Sharps Pixley Ltd. and founder of TheBullionDesk.com, joins those who attribute gold's smashdown yesterday to a single source who was "out for effect." Norman writes:
"A reported 31-tonne sell order on the Chicago Mercantile Exchange rocked gold, which saw prices collapse from a high of $1,790 in London hours to $1,703 during New York trading, followed by a further dip to the low of $1,687 in out-of-hours electronic trading. ... Ordinarily if a seller wanted to get the best price for his metal he would seek to finesse the selling over time, hunting out liquidity (finding people who are the other side of his sell order) and thereby ensure he gets the best possible profit. This seller was clearly simply out for effect."
Norman's commentary is headlined "Gold Fall Creates a Fantastic Window of Opportunity for Potential Buyers" and it's posted at the Sharps Pixley Internet site here:
http://www.sharpspixley.com/comment/gold-fall-creates-a-fantastic-window...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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