Gold Flash-Crashes Below $1300

After the shenanigans in US mega-tech stocks over the last two days and the seemingly well orchestrated melt-up to pre-J-Hole levels in the dollar, why should anyone be surprised that 'someone' decided to try to sell $1.1 billion notional into the Asian open...

 

Sending Spot Gold back below the Maginot Line of $1300...

 

Silver followed suit... with 1300 contracts ($115 million notional) dumped at 21:43:30ET

 

The Dollar Index spiked as precious metals were 'handled' - note that in the last 48 hours, no dips in the dollar have been allowed...

 

Was The Bank of Japan at work again?

 

The flash crash lows coincided with the oddly-timed spike from Monday (that really had very little in the way of specific catalyst)...

One witty Twitterer asked mischieviously, "Was Kim buying Gold futures ahead of his launch?"

Comments

yogibear Stuck on Zero Thu, 08/31/2017 - 02:45 Permalink

China can and will create havoc in the US  financial  system. Their waiting for the appropriate time.When they have enough of the old relic to cause the world to question what backs up the currencies.Their very patient, while the west is reckless.Remember China took 100's of years to build the great wall.  Still a wonder today.In just a short relative time China took the helm of being a surplus nation and an economic superpower.Realizing, that the way to take down the US is economically.  

In reply to by Stuck on Zero

anarchitect yogibear Thu, 08/31/2017 - 08:08 Permalink

Many people believe that China will use gold to disrupt the monetary system, but it's doubtful.  Their politicians aren't significantly different from those in the West.  Maybe their outlook is a little longer term, but not much.  They don't want to be constrained by the discipline of a gold standard any more than other politicians.  They are accumulating gold in case the unthinkable (to central bankers and politicians) happens, namely a return to some sort of gold standard because there is no other choice.  It matters not which politicians and central bankers you're talking about: they will be only dragged in that direction kicking and screaming, not because they want everyone else in the club to label them pariahs for ending the fiat system that serves them all so well.

In reply to by yogibear

holgerdanske NoDebt Thu, 08/31/2017 - 05:47 Permalink

It used to be 22 Dollars. The Dollar is disintegrating in front of us. The swings we see in Bitcoin is another manifestation of that fact.Imagine when the papergold one day is taken out, there will be more than 100 people screaming for each physical unit of gold in existence!that day is approaching and I can't wait.

In reply to by NoDebt

yogibear remain calm Thu, 08/31/2017 - 02:33 Permalink

William Dudley and his pack of trading criminal banksters.Using their serveral hundred ounces paper ounces per physical ounce gold to naked short the stuff.Some country with enough printed money just buy up all the paper contracts demanding spot delivery. Hint, hint, China.When the Federal Reserve can't back it up, their ponzi game blows up.

In reply to by remain calm

aurum4040 GUS100CORRINA Thu, 08/31/2017 - 00:13 Permalink

I have to laugh as well, when will the bugs ever learn? The flash crashes, stomp downs, hammer drops are yet another reason  why Bitcoin , Ether,  and other crytpos are a better investment. 1.1 billion notitional Gold equates to how many ounces? Nearly 850k ounces. This is about 1/100th of annual production - traded in milliseconds. This simply CANNOT occur in the Bitcoin and Altcoin markets. You trade what EXISTS, not fictitious PAPER instruments OF. The ledger of the associated crypto DOES NOT ALLOW IT. The accuracy of and legitimacy of the ledger is EXACTLY WHY cryptos exist to begin with. And the people me you anyone are the ones who have the power to verify this through mining and being in the community. The decentralized apps that can be used by anyone is just a kicker a great one at that. Gold and silver will NOT find it's true value until everything collapses. And even then the number is anyones guess. My guess is that it will purchase just as it has historically purchased. During the time of Nebdechenzar, gold purchased 350 loaves of bread - it still purchases about 350 loaves of bread plus or minus a few. It allows you to retain your purchasing power - that is it. It is not an investment - it should be a small portion of your security. 

In reply to by GUS100CORRINA

rbianco3 I am a Man I a… Thu, 08/31/2017 - 01:35 Permalink

No kidding same here - I promised God that if I did good on crypto I'd take care of him- and I am- ever since I did that - I'm like a fricking prophet. I exit one crypto- to enter another and it pops- now I thank God at least once a day and my faith is stronger than ever. lol sorry this isn't a bible study. Funny to think you could have picked up ETH for $13 a month ago on that flash crash.I view it as legalized gambling- started out with maybe 10% of my yearly income- and with goal of not losing more than half. I do recommend everyone put something into crypto- 1%, 2% whatever, but not playing at all is a risk in itself when everyone elses balance sheet is inflating faster the stomach on a Morman woman. Whatever your risk tolerance- keep on taking the insane profits and buy physical- helping drive inflation & gold prices- win-win-win!I passed on Bitcoin when it was $100 because I was too chicken- I laughed when Windows came out - used to say you can do anything you want with MS Dos. It was time for me to take a chance and not listen to my inner conservatism. Is your barber talking crypto retirement yet, taxi driver, brother, neighbor? Nope- it's not a bubble yet.

In reply to by I am a Man I a…

The Cooler King (not verified) GodHelpAmerica (not verified) Wed, 08/30/2017 - 23:23 Permalink

The more obvious question is? Why should anybody worry about 'technical levels' on something that they spend day & night trying to convince everyone is a 'barbarous relic'. Hell ~ we even have mosley on here, fully committed to the 'barbarous relic' camp, and look <above> who was the first one to comment. Why would mosley even care?

In reply to by GodHelpAmerica (not verified)

ET (not verified) Theta_Burn Wed, 08/30/2017 - 23:20 Permalink

Hardly a crash.

The naked shorting is becoming more expensive and with less effect.

Cryptos have no physical market because buyers buy essentially nothing. There is also no plunge protection team. A bitcoin crash like a few years ago will happen again and will be much quicker because the stakes are much higher. Buy with an exit strategy or you could see severe losses.

In reply to by Theta_Burn

Clock Crasher Wed, 08/30/2017 - 22:45 Permalink

This is going to back fire and mean nothing.  Expected and normal.  Technical damage has been inflicted.  We really need to close the week at or above 1300.  Very important.  Which one of you fools has the popcorn?

Cluster_Frak Wed, 08/30/2017 - 22:46 Permalink

yup, Lil dick Kim has closed his position. No WW3. Merica has agreed to delicer a fucking bowl of rice to starving Norks, via China, Russian, or Sudan. Sorry folk, no gold at 1400.

lester1 Wed, 08/30/2017 - 22:48 Permalink

I'm sure all these central banks are coordinating to try to keep the price of gold and silver down. That's why I've parked some of my money with Bitcoin, because the central bank's haven't figured out how to manipulate Bitcoin. It's truly a decentralized free market. Take notes Peter Schiff. We know you're lurking here..