Gold Slammed After Someone Pukes $4 Billion Notional In Gold Futures

Tyler Durden's picture

As we approach the European close, the dolar index just spiked and precious metals (and crude) were pummeled. Gold futures tumbled on massive volume as over $4 billion notional was purged instantaneously...

Over 30,000 contracts ripped through gold futures - over $4.2 billion notional - in the space of a minute. That's around 10% of a normal days' volume.

NOTE - $1281 is the 100-day moving average that has been an equiliborum level for the last few weeks...

Silver was hit too as the dollar spiked...

 

Notably Gold remains the only winner post-Saudi chaos... for now...

 

Finally, we thought this was interesting...

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GlassHouse101's picture

They just keep blowing their inverse bubble even bigger. Silver is the buy of the century.

BTFDemocracy's picture

Bitcoin Cash ticker: BCH takes home the cake as financial instrument winner of last two weeks

BaBaBouy's picture

@ Paper Futures, We Break Things ...

RAT005's picture

First time I'm testing Kitco to notify me of $16.60 silver so I can buy more US Constitutional Silver.  It was at $16.64 about a week ago, maybe today I get to see if the notification works.  Or as ZH posted yesterday.....since Fridays are such up days, maybe Monday will be my day.

Manthong's picture

 

The really cool move is that when the Asian market opens and nobody is trading and then Wham… the BIS or the Fed slams  a few billion in naked shorts in……….

You just cannot make this shit up…….

Pinto Currency's picture

It's not a gold price.

It's the price for digital debt instruments for gold.

tmosley's picture

Not even that. More like the price acheived for a property in an auction on a child's game of Monopoly that prints to a ticker that everyone uses as a reference for Atlantic City real estate prices.

OpenThePodBayDoorHAL's picture

Wait until the Bitcoin crowd starts getting this treatment LOL, the declines will be more like 25% rather than just a percent or two given the size of the float

auricle's picture

Nothing like selling protection in light of missles landing in KSA, the leader of Lebanon fleeing and KSA nationals being evacuated. Not to mention the old guard leadership in KSA being detained and accounts frozen. And Venezuela officially defaults on its debts. 

Lore's picture

This extraordinary market action is bound to spur prompt and detailed investigation by our expert and venerable regulatory agencies.  All will be laid bare shortly for the public, and those responsble will be held accountable to the fullest extent of the law, with sentencing that has teeth, because of course, it's important in America to make a serious example of would-be market manipulators!

"Not only must Justice be done; it must also be seen to be done."  <--- Laugh for the day

happyfrog's picture

Since 2011, November and December have been horrible for the PM's.  They are gonna smack gold down to $1200 by XMAS.

Manthong's picture

what a shame... if you started stacking at about 250.00..

 

x cuse me for saying...........

my p'ms have been perfectly fine for years now,,,,,

go play games with tulip futures and  fiat now............

Michigander's picture

Just rememebr your early stacking statements wnen you come to bash my Bitcoin, which I also have been stacking since 250.

toady's picture

My bitcoin averages to $800...

tmosley's picture

The doublethink among the oldbugs is off the charts.

toady's picture

My silver averages out at $13... so it's a little iffy... but my gold averages out to $600... so I got that going for me.

dark fiber's picture

They tried $1.3B yesterday they got a $3 drop.  They dumped $4B today and they got a less than $10 drop.  It is not working anymore.  Tic toc  mutherfuckers keep calm and keep shitting bricks over at the Fed.

youngman's picture

It was the guy that wrote that article yesterday how Fridays are always up days....he wanted you to all buy in to his plan...

tmosley's picture

Only if you don't think ANY of the following will happen in the next century:

Thorium fission

Fusion

AGI

Increased automation in mining

auricle's picture

Wait, didn't I just read a ZH article yesterday on how well Fridays are for gold? 

tmosley's picture

https://www.extremetech.com/extreme/254692-new-molten-salt-thorium-react...

The day has come and gone. Just a matter of work now. Commercialization will follow quickly. Your oil longs are even more dead than your silver longs. Oil can be generated from carbon in the air!

Donate Moar's picture

If energy becomes so cheap then what real purpose is money in any form?

Vilfredo Pareto's picture

Shit if we get controlled fusion all worries are over.   Mars and Venus are eventually terraformed.  Global warming is a cinch to beat.

 

Nobody will give an F about precious metals.  We will bring the asteroids to NEO and everyone will have gold toilet bowls.

lasvegaspersona's picture

The really big problem for your dream is that 'controlled fusion' has not even been proven in the bowels of our star.

That is just a rapidly fading theory.

The sun is electric....to bad Einstein had never heard of plasma (Langmuir 1927) or he might not have gone off so far with his crazy math.

sleigher's picture

Tesla was right.  Dollard confirms...

tmosley's picture

https://www.sciencealert.com/the-uk-has-just-switch-on-its-tokamak-nucle...

You can choose to continue acting like a crazy person, or you can choose to join the rest of us in something that better approximates the real world.

toady's picture

Mars & Venus aren't enough... all three could be wiped out by a pulsar, blackhole, or our sun going supernova/burning out.

Gotta get to multiple other solar systems for true redundancy.

A. Boaty's picture

Oh, yeah, more fragile, highly centralized power production. Widely distributed, small scale power provides the best energy security.

tmosley's picture

You can have a thorium reactor that powers a small town. The fusion reactors being designed now are made to fit in the back of an 18 wheeler. These aren't your great grampa's LWRs.

jin187's picture

Downvote him if you want, but it's true. We can already manufacture gold from other materials. The only reason the market isn't flooded with synthetic gold is that it costs more than mining it. Technology moves ever forward, and gold will eventually be as cheap and plentiful as copper. At some point, we'll have self-repairing robots managing near infinite stores of renewable energy. All the hoarding of resources we do now will become meaningless.

Lore's picture

So put differently, your butt contains a virtually unlimited quantity of flying monkeys?

Edit: Sorry, I thought at first that you were serious, and missed your sarcasm.

E5's picture

Holding Gold and Silver will become illegal.  30% to turn in your friends.  Trading in it will be treason.  End of line

NoDebt's picture

Last time it was only $2B in paper gold they had to get this effect.  The time before that it was $1B.

See a pattern?  Next time it will be $8B.

 

 

Manthong's picture

 

..it’s just a good thing that the .gov or their highly funded agents are not in the PM market…………………................................................................................................................................................................................................………………………………………………………………………………………………………………………………………………..

 

 

hi again troll,,, is your head far enough up your ass now?

HRClinton's picture

They keep smacking only to keep the price at barely above COGS.

http://www.zerohedge.com/news/2017-10-19/fragile-gold-industry-gigantic-...

It's treated as an expensive COMMODITY.  Who benefits?  Not Main St.

China and their oligarchs benefit, so they can keep stacking. So do Ashki Jewelers.

semperfi's picture

but, hey - watch this:  I can create $8 billion in 10 seconds:  $8,000,000,000

MAGIC MONEY !

lasvegaspersona's picture

Idiots...it is not the 'dolar' index...it is the 'dolor' index....

Squid Viscous's picture

crude was "pummeled" ??

on what planet?

macdavy's picture

Four billion for an eight dollar change in price, LMAO is right

This is it's picture

Because, why not. 

buzzsaw99's picture

someone always pukes $4B in gold on the european close.

SoDamnMad's picture

Some Saudi probably.  Puked along with his head.

toady's picture

"Someone"... is that like "they"?

Blue Dog's picture

I'm sure it was the Fed. Or the big banks.