Gold (>$1260) and silver (>$20) are extending yesterday's gains as US markets awake this morning. The crack higher at around 8:07ET caused the futures market to be halted after 3,000 Gold Futures contracts traded in one second at 08:07:45 on December 10, 2013 sending the price up $10 and tripping circuit breakers for 10 seconds. Silver is now +4% on the week and gold +2.5% as Treasuries are also bid. Stocks are stumbling overnight, driven by the "fundamentals" of a drop in EURJPY after it tagged 142 overnight and fell back.
PMs spiking again at the US open...
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And halted at 8:07 - as Nanex shows, [5]
About 3,000 Gold Futures contracts traded in one second at 08:07:45 on December 10, 2013 sending the price up $10 and tripping circuit breakers which halted trading for 10 seconds. This sort of thing is happening far too often: see also the drops on April 12, 2013 [6], September 12, 2013 [7], October 11, 2013 [8], November 20, 2013 [9] and November 25, 2013 [10] which also resulted in trading halts.
1. February 2014 Gold (GC) Futures Trades.
2. February 2014 Gold (GC) Futures Trades - Zoom.
3. February 2014 Gold (GC) Futures Depth of Book (how to read [11]).
and stocks tumbling to play catch up to JPY carry...
[12]
and Treasuries are bid...
[13]