$855/$885 gold just hit in Asia - and right back to $900???

roadrunner

Kitco showing a prompt drop to $898 on their chart, but also showing $885 low for pog tonight...around 8 pm. According to the Kitco forum guys the futures in Asia saw a prompt drop where regular contracts fell to $885 and the minis dropped to $855. Any one with a sell stop overseas tonight in that range probably got taken out at a nice loss. Gold rebounded right back to $900. Maybe the trading experts have some ideas as to what squeeze play just occurred? Couldn't have been much volume to allow that sort of move. Since at least one Kitco trader reported getting their stop hit at $896, this wasn't just an electronic glitch. This must be what they call getting scalped.

roadrunner

COINB0Y

After reading the BAC/ML cram down with Securities Fraud done under express orders from Paulson and the Fed's Bernake, I realize there is no real Market. Its what the big Pigs want or need to do that moves it.

RedTiger

Sounds like someone typed in the wrong number on their screen. It happens. Once in a while there is a big, big trade that gets entered wrong and it makes the news. Most of the time the trade sticks and the guy who made the error gets called on the carpet.

roadrunner

That would seem to be a decent explanation. But the drop to $885 seemed entirely real....with $855 possibly being an error of the same number. And gold has followed up by slowly falling to that amount this morning. One rumor is that the central banks are coming out with an announcement soon about more combined gold sales and for larger amounts than the 500 tons per year that Europe had been targeting. But you can only cry wold so many times before no one pays attention...or realizes the true reason for the gold sales.

roadrunner