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Fat Algo Finger Of The Day? Spot Gold Edition

Submitted by Tyler Durden on 10/10/2013 18:15 -0400

It is unclear exactly what happened but based on Bloomberg's tick data, spot gold prices spiked over $30 after the close of the US day session. After a pillaging of a day, someone's agorithm decided that $1336 and then $1307 were the appropriate prices... triggering...

*SPOT GOLD JUMPS 1.9% TO $1,312.48/OZ, SNAPPING 3-DAY LOSS

Only soon after to correct back to the lows near where we closed the day.

Chart: Bloomberg

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Thu, 10/10/2013 - 18:18 | 4042980 slaughterer

WTF? Even gold is broken...

Thu, 10/10/2013 - 18:37 | 4043078 Shell Game

Paper gold? Broken? lol

Thu, 10/10/2013 - 18:56 | 4043126 ZerOhead

This is all perfectly explainable... it's just that you need to use words like 'fraud' and 'conspiracy' in order to do it.

Thu, 10/10/2013 - 19:10 | 4043166 gmrpeabody

Actually, it was probably me using a market order instead of a limit order.

Thu, 10/10/2013 - 19:16 | 4043185 Bullionaire

Callin Nanex...hello Nanex...

Thu, 10/10/2013 - 19:24 | 4043219 SoilMyselfRotten

<-----------Stayed Down

<-----------Corrected itself

Ok, a question, if gold had spiked DOWN $30 would it have stayed down or 'corrected itself'

Thu, 10/10/2013 - 19:34 | 4043247 synergize

LOL - is there really any doubt the paper price is manipulated?

----------------------

If you are fed up with whats happening with the government - it all stems from one major thing: the government's control of our money. We have placed in our government the ability to control the money supply and dish out new money to whomever they please (usually their cronies and the banks) and to spend and create that money in infinite amounts to SUPPRESS we, the People.

To break this system we have to bring back real money and thus limit government control over money and our lives. We can break the system by overwhelming the physical markets and give a no-vote to their control over money - they key is the small silver market.

Join the Silver Pledge - an effort to change the system by having investors join up and buy physical silver - together we can break this market and take back our government.

You can read more here:

http://www.communitysynergy.com/subscribe/silver_pledge_site.html

If you dont like it dont sign up - but for people who are sick of sitting and doing nothing at least lets work together to BREAK this silver market

Thu, 10/10/2013 - 20:55 | 4043485 n8dawg84

While I agree that buying physical silver helps restore the control of money to the people, I believe that buying alone is not enough. Money has to flow. If you want to truly break the grip that FRNs have on money, then that physical silver has to be used in transactions for goods and services in place of the FRNs

Thu, 10/10/2013 - 19:00 | 4043137 knukles

What's he thinking?
I will negotiate. After you give me everything I want, then I'll negotiate, But until then I'm not gonna negotiate.
Trust me.

Mighty friendly, open and oh what the fuck...

You realize that if there is a default, then they might not get the 50 cents of every dollar spent to spend anymore..... huh?
Then where's your socialista society providing all kinds of crap to the free shit army gonna be BBoy?
Hmmmm?

Oh, of course, the martial law which Paulson* spoke of, no?

_{^{*Hank, not Robert}}

Thu, 10/10/2013 - 19:17 | 4043182 Bullionaire

Stay on target, Zippy...

Thu, 10/10/2013 - 19:57 | 4043299 The.Harmless.Who

None of the platforms I have show this move... including Reuters

I hope it is true mind, further evidence of the corruption!

Thu, 10/10/2013 - 18:17 | 4042981 prains

That's called a Yellin skin cape bump.......oops lets get those desks another 2 feet apart

Thu, 10/10/2013 - 18:19 | 4042985 SoulOfSilver

Move along folks. Nothing to see here.

Thu, 10/10/2013 - 18:17 | 4042986 TaperProof

Backing up the truck...

Thu, 10/10/2013 - 18:19 | 4042989 g'kar

The Romulans are buying gold.

Thu, 10/10/2013 - 18:22 | 4042999 Ham-bone

OBAMA just rejected Repub plan...shock and wonder if anybody might a known...

Thu, 10/10/2013 - 18:22 | 4043000 solgundy

860's or close is the buy .....

Thu, 10/10/2013 - 18:35 | 4043063 Charles Nelson ...

Just a hunch, but I don't think there is gonna be a lot of gold laying around at that price.

Thu, 10/10/2013 - 18:22 | 4043007 GrinandBearit

Just short term noise.

All large smack-downs are fantastic buying opportunities.

Thu, 10/10/2013 - 18:23 | 4043014 TaperProof

Yup

Thu, 10/10/2013 - 18:27 | 4043042 Pretorian

Goldman Sach was right few days ago when they said GOLD is a slam dunk.

Thu, 10/10/2013 - 19:19 | 4043190 Bullionaire

MUPPET ALERT

Thu, 10/10/2013 - 18:59 | 4043129 Right-on Left-off

Somebody likes the price and is front-running the paper and the sovereign buyers on a cash-and-carry basis.

GIVE IT TO ME NOW! you bozos.

Thu, 10/10/2013 - 19:01 | 4043142 Seasmoke

How the fuck were they able to trap Gold , where good news it goes down and bad news it goes down.. Summers @Fed it goes down and Yellen in @Fed it goes down.......there is no deal it goes down and there is a deal coming it goes down !!!!!

Thu, 10/10/2013 - 19:17 | 4043191 Al Huxley

It's because it's not real gold, so the price movements don't need to make any sense, because the 'commodity' underlying the trades is about as scarce and hard to manufacture as monopoly money. The downside is that every price break lets Eastern buyers load up at a ridiculous discount, which is what makes those defining the paper trade strategy, as well as their henchmen executing the trades, the worst traitors in the western world today.

Not to worry, though, I'm sure once China's emptied the Western vaults they'll still let the USD be the reserve currency, and allow infinite deficits and infinite political corruption and stupidity to go unpunished. After all, why would they want to leverage their power as creditors - they live to make us happy, slaving away in shitty factories and living in shitty little dirt huts so we can keep buying cheap shit we don't need with money we don't have.

Thu, 10/10/2013 - 19:52 | 4043289 Swarmee

Each culture deals with their FSA in their own way. At least theirs are still being productive in some way...

Thu, 10/10/2013 - 20:16 | 4043347 Seeking Aphids

Indeed.....spot on as usual Al. Did you notice that the China/EU agreement to accept one another's currencies for direct trade has been studiously ignored by the mainstream media? Another nail in the coffin of the $US reserve currency status...the Chinese will likely go on a buying binge in Europe now.....spend those $$'s while they are still worth something!

Thu, 10/10/2013 - 21:10 | 4043539 Al Huxley

To paraphrase Will Farrell/Mogatu in Zoolander, every time I see any news, I feel like I'm taking crazy pills.

Thu, 10/10/2013 - 23:08 | 4043859 DigDeepDown

I was thinking the exact same thing! LoL it's one of the best movies IMHO.

Thu, 10/10/2013 - 19:24 | 4043209 Againstthelie

It's always good to try to explain price movements without manipulation (= respect for the almighty market is necessary to survive this game).

But the examples you brought show clearly, that it doesn't make any sense.

But since Blankfein was in da house again, maybe that's all we need to know to understand...

Thu, 10/10/2013 - 19:05 | 4043154 Saving Peace

I don't see any of that in my feed, none of my orders were executed too.

Thu, 10/10/2013 - 19:18 | 4043180 Right-on Left-off

Like said in my post above, someone with enough pull/connections and money got tired of all the monkeying around and wants it NOW! ... cash-an-carry.

Thu, 10/10/2013 - 19:46 | 4043278 Fíréan

It would not be the first time that Bloomberg has apparently posted a false gold chart.

From january this year, 2013 . . .

http://www.silverdoctors.com/bloomberg-caught-falsifying-gold-chart-to-d...

Thu, 10/10/2013 - 19:18 | 4043193 Againstthelie

The.sheeple.must.recognize.Gold.is.no.safe.haven.

Thu, 10/10/2013 - 19:32 | 4043234 Al Huxley

I don't think that's the motivation - the majority of the population

- doesn't have a clue why they'd want to own gold

- wouldn't know where to buy it if they wanted to get some

A good part of the bottom 80% probably don't have the funds to buy if they wanted to anyway. More to do with discouraging institutions to get out, so the bullion banks can arbitrage GLD inventory for the premium that Asia will pay over the Comex price. By the time the reason to own gold (REAL, in your hands gold) to the majority there won't be any for sale, at least nobody will be willing to trade theirs for scraps of linen with pictures of presidents on them.

Thu, 10/10/2013 - 20:29 | 4043397 Againstthelie

It's about discrediting gold for investors.

Thu, 10/10/2013 - 20:37 | 4043431 W74

I think we've almost hit saturation with those who are going to wake up....barring sudden, crushing, collapse of jobs/financial systems and/or loss of NFL Sundays.

Very few people are waking up, and the trend is leveling off. It's still worth it to put feelers out there, fan the flames a good deal, but most who are intelligent enough to have done so, have.

Read a post just today about an Alabama man who said he woke up a month ago. It seemed genuine, and good for him. If he can get his family on board so much the better. But I think that although the waking-up trend will continue upward it will only do so steadily.

Thu, 10/10/2013 - 19:40 | 4043238 Fíréan

or are your ( edit: the "Bloombrg" charts) charts lying ?

I dont see that spike on other charts of same spot gold market.

Thu, 10/10/2013 - 20:10 | 4043340 SonOfSoros

Sorry to burst your bubble guys but I had orders from me dad to short squeeze losers out of the market.

Of course, if you were in the circle you would have known of the order.

Thu, 10/10/2013 - 20:19 | 4043359 MFLTucson

This is what happens when you allow criminals to manipualte paper markets.

Thu, 10/10/2013 - 21:05 | 4043404 Trampy

There was NO $30 SPIKE in gold that immediately retraced. Chart shown is erroneous.

If Tyler knew anything about trading he'd know that bad ticks happen all the time in T&S data.

Thass one reason why stop orders don't ordinarily get triggered based on just one triggering tick.

Fri, 10/11/2013 - 00:13 | 4043949 humblemechanic

ZH, reference to this RT special edition from World Bank whistleblower, seems like there is 170,000 MT of gold !! I guess its a slip of tongue, may be she meant ounze and not tonnes

https://www.youtube.com/watch?v=4hgA9j-4dB0

Cheers

Fri, 10/11/2013 - 01:15 | 4044013 Anonymouse

We'll be able to see if Goldman has fat fingers. If so, trades at the higher price will be DK'd. If not, they go through

Fri, 10/11/2013 - 02:52 | 4044082 humblemechanic

The world is sick of plagarisation of the precious markets like this. This is not acceptable. See Russia is bringing out new PM trading facility backed by real gold !!

http://www.bloomberg.com/news/2013-10-10/moscow-exchange-plans-gold-to-silver-trading-to-broaden-appeal.html

Enough is enough with banksters funded mafia, policed by CFTC

Trading hours will run from 10 a.m. to 11:50 p.m. Moscow time, with settlement taking place on the day after the trade. Negotiated deals will include same-day and forward settlements of as far as six months in the future, the exchange said. good work Russia

Fat Algo Finger Of The Day? Spot Gold Edition

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