Gold Tumbles Back Below $1300 As Someone Suddenly Dumps $1 Billion Of 'Precious Paper'

As Europe closed, it seems someone decided now was a great opportunity to puke over $1 billion notional of paper gold into the futures market to send the precious metal back below the key $1300 level...

Huge volume spike...

 

Spot gold broke back below its 50DMA...

But we note that buyers did step in and lift gold futures back above $1300...

Well it is Fed Day after all.