Gold Stop Hunt Goes Full Retard
Did a BIS gold trader just spill coffee on his keyboard not once but twice, or did we just have another ye olde algo trick of stopping the hunts (get it?) out of all marginal players? We will never know. What we will know is that paper prices of physical objects are becoming increasingly more meaningless.
It is shaping up to be one of those before one of those weekends as we see FX, equity, and now precious metals markets gapping up and down as if they forgot that you never go full-retard as the rip-and-drip stop hunt round-trips for $14 up and cliff-dive back down. As the world becomes more and more bifurcated by the fail of reality and hope of intervention, liquidity is sucked out of the system from a bid-offer perspective. We can only imagine what FX will be like at the close.