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Brien Lundin: Flash crash in gold was obviously an attack of market manipulation
By Brien Lundin, Editor
Gold Newsletter, Metairie, Louisiana
Wednesday, August 11, 2021
We've seen this movie before.
Most notably, it occurred in April of 2013, when high-frequency traders (HFTs) pocketed a billion or so dollars by taking the gold price down more than $250 over the course of two trading sessions.
They did it again on Sunday night.
... Dispatch continues below ...
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First, as background, the upside surprise on the jobs number on Friday morning, with 943,000 jobs created against the consensus expectation of 870,000, was just the excuse the speculators needed to send gold and silver tumbling that day.
By the end of the beat-down, gold ended down $41.00 (2.27%) at $1,763.10 bid. Silver unfortunately exhibited its knack for leveraging gold, this time in a bad way, by dropping $0.77 (3.04%) to $24.47.
Then came Sunday night's debacle.
Using Friday's jobs number as cover, and taking advantage of the thinnest of thin trading environments (just as New York Globex trading opened but Hong Kong had yet to open, and exacerbated by holidays in Singapore and Japan)…one or more high-frequency traders acted in concert and in violation of position limits (that is, illegally) to precipitate a flash crash in gold. ...
... For the remainder of the analysis:
https://goldnewsletter.com/go081121/
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