It's 8am Gold-Smashing Time

It's that time again... like clockwork, as 8amET rolls around gold and silver become the object of derision for some entirely unrigged decision-maker at a bank... pressing gold prices down to 3 month lows. The question is will the selling prompt buying like on Friday or beget more selling because it is after all a Tuesday... With $450 million notional flushed through futures contracts, someone was in a hurry after seeing Europe's extreme left and right uprising to unload any protection against an ECB capable of only one trick to save the world.

 

 

And futures bore the brunt of the volume pressure...

 

Charts: Bloomberg