Gold Drops Below $1200 On Heavy Volume, Silver Freefalls To Feb 2010 Lows

It appears the machines forgot the shift in DST across the pond and started their European close flush a little early. Someone/something decided it was an opportune time to dump thousands of contracts of gold and silver futures this morning - clearly ignoring Alan Greenspan's advice. Gold ETF holdings are now back at levels first seen in April 2009. Gold's break below $1,200 likely brought some momentum chasers but Silver is in freefall, down over 5% and back to Feb 2010 lows. WTI Crude also broke below the crucial $81 level...

Gold

 

And Silver...

 

and from FOMC...

 

Gold ETF holdings are back at levels first seen in April 2009....

 

and one more thing....

 

Charts: Bloomberg

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