UPDATE: Silver prices just spiked higher also.
The last few months have seen Gold futures halted numerous times. Last week we saw stock futures collapse very rapidly in the middle of the night only to bounce aggressively. Yesterday it was the Treasury Futures turn to melt-up. Today, Copper futures just exploded 4.2% higher in a split second as huge volumes hit the COMEX. And then minutes later, it fades back.
- *COPPER FUTURES JUMP AS MUCH AS 4.2% ON COMEX
- *COPPER FUTURES REACH $3.4475 A POUND, HIGHEST SINCE APRIL
We are sure it will be blamed on a "fat finger" but once again it suggests the algos are losing control of the asylum... Makes perfect sense to try and buy 1100 contracts in 30 seconds on Christmas Eve... so much for fiduciary duty (cue "busted trades" headline).
and close-up - each bar is 1 second...
And even closer, courtesy of Nanex: