Gold Futures Halted Again On Latest Furious Slamdown

Tyler Durden's picture

It seems the two words "fiduciary duty" are strangely missing from the dictionary of the new normal's asset management community. This morning, shortly before 8:27am ET, someone decide that it was the perfect time to dump thousands of Gold futures contracts worth over half a billion dollars notional. This smashed Gold futures down over $12 instantaneously, breaking below the 200DMA and triggered the futures exchange to halt trading in the precious metal for 10-seconds. Palladium also got clobbered and was also halted. This is gold's worst since Bernanke 'tapered' in December.


As Nanex exposes in great detail...

1. June 2014 Gold (GC) Futures on April 15, 2014
Note the 10 second halt.

2. Zooming out.

3. Zooming way out.

4. June 2014 Palladium (PA) Futures on April 15, 2014
Palladium futures also halted for 10 seconds.

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GetZeeGold's picture



Do you even own that gold you're selling Pepe?

kliguy38's picture

run muppets run.......its goooold........its scaaaaary......hehehehehe.....selll selllll sellll.......oh just one more thing...your masters are buying on the other side....hehhehehehe........stack it and forgettaboutt

cifo's picture

Trade gold like you hate it.

Serfs Up's picture

Uh...""""price discovery""""?

A sophisticated fund """"unwinding""""?

And the usual assortment of MSM lies to cover up just one more area of rotteness in the farcical US """"""""markets""""""""

1000 splendid suns's picture

Anniversary for the 7-sigma event last year...

Four chan's picture

is there no way to find out who this is? 

More_sellers_than_buyers's picture

Sure they can...they can find out in 10 seconds.  Then begs the question, why did they do it? Well the dorkfuck that is making 80k a year files a report on who and sticks it in a file to send to someone else to find out why.  In about 3-4 years they will knock on someones office and say why did you do thta, and hey will respond I have no idea. and case closed.  Your tax dollars at work.


Lord Koos's picture

Why?  A pre-emptive strike -- gold was set to spike higher on today's news of escalation of hostilities in the Ukraine.  Many have a vested interest in keeping a low gold price.  Including the Chinese.

Manthong's picture

bring out your dead

dump your worthless gold

We are from the government/bank.. and we are here to help you.

strannick's picture

If only  Bart Chilton hadnt left the CFTC, he would save us...

chubbar's picture

They can't seem to find out who shorted American and United airlines the day before 9/11 either. BUT, they know when you don't turn in a 1099, or when you don't claim a stock sale, go figure.

Tzanchan's picture

Simple JP Ed Steer's daily commentary and aggregation, the gold market "Raptors" are JPM, HSBC, Bank of Nova Scotia and Citi, but JPM is the biggest.....keep stacking!

MarsInScorpio's picture

Somebody needs:


1) Gold/Palladium, and they need it desperately, so they need to crash the price, or


2 Someone needs cash - and they need it this second - again, desperately.




International banks who don't have the gold they are supposed to have for delivery, and they need it desperately;


Central banks who need gold for themselves, and they need it desperately;


Hedge Funds who need cash, and they need it desperately . . .


What's your guess? Care to add it to the list?


But the common thread is . . . desperately.



BigJim's picture

Except 2) doesn't make sense because anyone who needed cash desperately wouldn't just dump tonnes of paper gold in one sell order... that's a sure-fire way to depress the price.

So I guess that leaves 1)... or. to my mind, 3): 'somebody' wishes to induce as much volatility into the PM market so PMs are seen as 'unsafe'...

...and it's working. If you talk to the average person about the superiority of the classical gold standard over the free-for-all we have now, half the time their 'rebuttal' will be something along the lines of: Yeah, but the price of gold is really volatile, man. Would you want to have to work in a currency that loses 30% of its value in a year? At which point I usually pull out a 10-note and say: Dya see this? Does the purchasing power of this correspond to the everyday vagaries of the price of paper?

When the phyzz is gone (God, I hope it's 'when', and not 'if') all these shenanigans will be a distant memory...

Bananamerican's picture

Reason 4: End of petrodollar regime coming. Feds need to replace AU stocks, keep sheeps wedded to fiat/dismissive of AU.
No smash down perps will be found unless his name is Vlad.
"Vlad did it!" Will become the new amerikan catchphrase of 2014

seek's picture

2) makes sense if you needed cash and/or expected your US-based/denominated assets to be seized or subject to sanctions.

BigJim's picture

But even then you wouldn't just dump them all in one go, surely? Spreading the sales out over an hour, or even over 15 minutes, would have much less impact on price.

Keyser's picture

That's the point of a monkey-hammer, to drive the price as low as possible in a single move... 


TammanyBrawl's picture

Damn straight. This is an act of desperation. I'm getting the feeling today is going to be significant, not just in gold.
The center can not hold. Things fall apart.

Oldrepublic's picture


You must be a newspaperman from the typewriter era.

nice use of copy ending in -30-

philipat's picture

I SUSPECT that they need to do this to deter deliveries of Physical Gold during the April Delivery month. GOFO rates are negative and there is little physical to be found. This smells of desperation??

SWCroaker's picture

.... on a monthly basis.    So is it desperation, or simply habit and routine?

philipat's picture

No, not Monthly but certainly every DELIEVERY month. Also, the Blogosphere has caught onto the fact that when GOFO rates ate negative, Gold prices tend to rise. So, must do something to correct that perception as soon as possible? We are dealing here with the most evil and wicked folks on earth, especially the CB's and their Agents the BB's?

rehypothecator's picture

Q: Why is gold slammed down so furiously that it breaks the market, again and again, giving the worst execution price to the seller?  

A: Tradition! 

philipat's picture

A: Because that is what the CB's want. And they don't have to worry about losing money on "Trades" because they can simply print as much more as they need...

AND, they are no longer trying to hide it because they WANT you to know that you should NOT buy Gold, so "Don't fight The Fed". They have truly pulled out all the stops...

Four chan's picture

out of all the comments on here and since the manipulation to the downside began, i think you have nailed it perfectly.

fockewulf190's picture

The Fed pulls out the stops, and the Chinese load the slow boat.  It´s actually amazing how this game has gone on for so long.  I  wonder who dies first; the LBMA and/or the Comex, or the gold and silver miners. 

Rubbish's picture

Up up and away. I buy it anyway. I'm a sheep gone a stray.

replaceme's picture

OK, I don't get it - what's the end game here?

GetZeeGold's picture



Using your grandkid's money to purchase physical gold cheap.

replaceme's picture

OK, just had to sanity check that - so it's a raid.

Skin666's picture

Next crash, owners demanding physical delivery, thus bankrupting the CRIMEX and LBMA


Then you have real price discovery, based on actual phyzz not rigged paper futures


Gold $ 100k Bitchez

Keyser's picture

Not as long as naked shorts are allowed in the commodities markets. 

PaperBear's picture

All fake. Get the physical gold while you can.

HardAssets's picture

They don't just act as bullies on Nevada ranches . . .

they do it in the 'markets' too.

Amerika . . . . what a country !

Dr. Engali's picture

Fucking idiots. I hope they keep it up and break the whole damn rigged paper market.

Greenskeeper_Carl's picture

Yep. I was going to my LCS today anyway. Thanks for the discount fuckers. My timeline is long, as I am under 30, so I will welcome the discount as long as possible.

BurningFuld's picture

This is too simple. An event which would normally spike Gold (Ukraine Troops removing pro-Russian "protesters") just occured. In order to protect the USD they slammed the living crap out of Gold at the same time to make it look like nobody values Gold in times of Global stress.

Thank you.

gmrpeabody's picture

(Ukraine Troops removing pro-Russian "protesters")

Not saying it isn't happening..., but sometimes somebody's wild and crazy Twitter becomes a headline here, and subsequently exaggerated...

Just saying...

venturen's picture

welcome to the deflation of zero percent interest.

tjeffersonsghost's picture

I'm sure the selloff is based on market fundimentals correct?

youngman's picture

and the reason is what??? nothing has changed....still printing money...

MFL8240's picture

Give us the name of the company or Goverment who dumped those contracts.

over half a billion dollars notional. Is a large number so it was Janet Yellen or her whores at JP Morgan but we deserve to know!

aleph0's picture



In this day and age , it is easy to tell us which Banksters did those trades ...

... except  that for reasons of  "Bankster Security" , they will not.


HardAssets's picture

Likely some agent for the US Treasury Exchange Stabilization Fund

Skin666's picture

Keep dumping paper gold assholes.


More physical for meeeeeeeeeeee! Omnomnomnomnom

Matt_Master's picture

Free and fair markets back in progress with gold/silver

gjp's picture

Ukraine civil war, cracks widening in China economy, macro disappointments in US

So they sell the shit out of paper gold and buy US crap equities.  Wolves of wall street earning their zillions again with efficient allocation of capital.  What could go wrong?