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Mysterious gold trades of 4 million ounces spur price plunge
It seems that the central banks are no longer afraid of being seen keeping gold down -- that their power has waned so much that they need to be seen to scare investors more.
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By Luzi-Ann Javier
Bloomberg News
Friday, November 10, 2017
Trades that moved about 4 million ounces of gold in a matter of minutes awakened the precious metal from its slumber.
After 11:10 a.m. on the Comex in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes. That triggered a selloff, sending prices down as much as 1.1 percent.
... Dispatch continues below ...
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The trades jolted the market, which has seen 60-day historical volatility languishing near the lowest since 2001. The metal has struggled to sustain the pace of gains from earlier this year as the outlook for rising U.S. borrowing costs curbs demand for non-interest-bearing assets like gold.
"We didn’t see any headlines, any news to make gold drop $10, but it just did," Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals New York LLC, said by telephone. "It's going with someone who has a huge position that can trigger stops and make the market move in a direction." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2017-11-10/mysterious-4-million-...
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