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Gold Slammed As 'Panic-Seller' Dumps $520 Million In Futures
You can't make this up. An initial dump in gold happened when Europe was getting going late last night but as the US wakes up and markets get active, someone (panic-seller) decided it was an entirely optimal time to sell $520 million notional gold futures - sending the price of the precious metal down $7. Intriguingly, though the notional size was large, the actual move is not as large as we have become used to with the ubiquitous Slamdowns (and it's a Tuesday). At the same time, USDJPY was ramped... because we must maintain the appearance that stock markets are operating normally despite civil wars, coups, global growth slowdowns, and de-dollarization growing.
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We need a name to do anything about this fraud!
Doesn't look so dramatic on larger timeframes. Still short looking for 1200.
Recently sold my company after 10 years and called invesemt mentor for his advice on what to do...
He said "as your friend put THE BULK of your money into physical gold outside the financial system..."
This friend still holds the highest 1 year return of hedge funds ever at 2,080%
He's calling for a gold reset within 3 years and believes "the windfall owning physical gold is once in a millennium opportunity."
Looking back people will say "it was so simple..."
It is simple. I don't know why people are being so dumb. I wasn't even in phys prior to mid 2013.
I get the gold/silver ramp in the financial crisis.. because the financial sky was falling, but anyone with any clue can see that it was the prelude to something far uglier. The crisis should have been far worse. Policies minimized the suffering (predominantly to the wealthiest) at the expense of the lower & middle class. It consolidated debt at the national level. It undermined confidence, which is the biggest issue in my opinion, as restoring confidence in the West will be tremendously difficult.
So to anyone expecting rebounds in growth, it is a tall order. We are perched on a rollercoaster at the tip of a peak, awaiting the inevitable plummet into the trough below as gravity starts to kick in. While I admire these people for their optimistic attitude, they aren't being realistic.
Look on the bright side, at least it's not two and a half years of mine supply sold over two days as before.
As long as Belgium continues to buy US debt and suck up the worlds over-supply of US$'s then all will be okay! Honestly you couldn't make this shit up.
Hey, the price needs to be held down, because making jewelry cheaper will get out the Hiliary voters
Gold and silver just got a woody. All loses erased.
Well that was $500m wasted then...
HAHAAHAHAHAAHA the end is near my friends, their viagra is no longer having an effect.
At the moment of writing this post, it's back up to where it was, and more.
1293+/- around midnight ET, near 1286 at the dumpat about 7AM ET, 1295 now.
As Commander Cody says, man whadda ride! https://www.youtube.com/watch?v=QDbON8udTPo
Silver did the same thing last week. Enormous dump, followed by an enormous ramp. A couple of decent uptrending days and then a reversal going into this week.
ouch that must have been a nasty stop loss
Epic fail. Looks like strong hands are getting stronger and empty hands want to be filled.
Maybe it's the terribly managed mining companies. You'd think they'd slowly layer it in, but they're morons and liars, so who knows.
Pesky Fed.
How come CNBC doesn't ask the anal-ysts about the wizdom of selling $520 million at once so that the anal-ysts can assure us that there is no manipulation? The follow-up question would be - if this is not manipulation, then is this common practice at your firm, and wouldn't you want to spread out the selling to get a better price for your clients?
It's notional value is $520 million. That equates to about a 4000 lot futures order. The real question is why would a trader put that large of an order into such a thin market? Maybe one who doesn't care about losses??
Anal-cysts. Fixed it for u :)
Anal-cysts. Fixed it for u :)
They just wasted that money because IT ANT WORKING!
don't worry they will print more!
Seems to be plenty of willing buyers coming in to buy these dips lately.
Wonder where they are coming from... *cough*bigbanks*cough*
"Gold slammed"
$4 - $5 drop for about 10 minutes is hardly slammed. Who writes these headlines? Now, the silver I bought in at $35 has been slammed. Just bought a bunch at appx $21 delivered the past week. wtf ever. It's a religion for some. Just gotta have faith it will one day be worth real money.
Does the NSA use interns to downvote comments zerohedge, sort of busywork.
Get us some coffee? What you got the coffee already? Ok, go do some downvotes on zerohedge.
Maybe the "club" has finally discovered a way to create gold from other elements. Then this would all make sense.