Gold Slammed After Someone Pukes $4 Billion Notional In Gold Futures

As we approach the European close, the dolar index just spiked and precious metals (and crude) were pummeled. Gold futures tumbled on massive volume as over $4 billion notional was purged instantaneously...

Over 30,000 contracts ripped through gold futures - over $4.2 billion notional - in the space of a minute. That's around 10% of a normal days' volume.

NOTE - $1281 is the 100-day moving average that has been an equiliborum level for the last few weeks...

Silver was hit too as the dollar spiked...

 

Notably Gold remains the only winner post-Saudi chaos... for now...

 

Finally, we thought this was interesting...

Comments

RAT005 BaBaBouy Fri, 11/10/2017 - 11:41 Permalink

First time I'm testing Kitco to notify me of $16.60 silver so I can buy more US Constitutional Silver.  It was at $16.64 about a week ago, maybe today I get to see if the notification works.  Or as ZH posted yesterday.....since Fridays are such up days, maybe Monday will be my day.

In reply to by BaBaBouy

Manthong RAT005 Fri, 11/10/2017 - 11:45 Permalink

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  The really cool move is that when the Asian market opens and nobody is trading and then Wham… the BIS or the Fed slams  a few billion in naked shorts in………. You just cannot make this shit up…….

In reply to by RAT005

Lore auricle Fri, 11/10/2017 - 21:52 Permalink

This extraordinary market action is bound to spur prompt and detailed investigation by our expert and venerable regulatory agencies.  All will be laid bare shortly for the public, and those responsble will be held accountable to the fullest extent of the law, with sentencing that has teeth, because of course, it's important in America to make a serious example of would-be market manipulators!"Not only must Justice be done; it must also be seen to be done."  <--- Laugh for the day

In reply to by auricle

jin187 tmosley Fri, 11/10/2017 - 13:27 Permalink

Downvote him if you want, but it's true. We can already manufacture gold from other materials. The only reason the market isn't flooded with synthetic gold is that it costs more than mining it. Technology moves ever forward, and gold will eventually be as cheap and plentiful as copper. At some point, we'll have self-repairing robots managing near infinite stores of renewable energy. All the hoarding of resources we do now will become meaningless.

In reply to by tmosley

Manthong NoDebt Fri, 11/10/2017 - 11:39 Permalink

 ..it’s just a good thing that the .gov or their highly funded agents are not in the PM market…………………................................................................................................................................................................................................………………………………………………………………………………………………………………………………………………..   hi again troll,,, is your head far enough up your ass now?

In reply to by NoDebt