$500,000,000.00 in gold futures contracts dumped
Posted: Tue Apr 15, 2014 9:01 am
$500,000,000.00+ in gold futures contracts were dumped this morning....that is an explanation of this mornings downturn.
http://www.zerohedge.com/news/2014-04-15/gold-futures-halted-again-latest-furious-slamdown
It seems the two words "fiduciary duty" are strangely missing from the dictionary of the new normal's asset management community. This morning, shortly before 8:27am ET, someone decide that it was the perfect time to dump thousands of Gold futures contracts worth over half a billion dollars notional. This smashed Gold futures down over $12 instantaneously, breaking below the 200DMA and triggered the futures exchange to halt trading in the precious metal for 10-seconds. Palladium also got clobbered and was also halted. This is gold's worst since Bernanke 'tapered' in December.
http://www.zerohedge.com/news/2014-04-15/gold-futures-halted-again-latest-furious-slamdown
It seems the two words "fiduciary duty" are strangely missing from the dictionary of the new normal's asset management community. This morning, shortly before 8:27am ET, someone decide that it was the perfect time to dump thousands of Gold futures contracts worth over half a billion dollars notional. This smashed Gold futures down over $12 instantaneously, breaking below the 200DMA and triggered the futures exchange to halt trading in the precious metal for 10-seconds. Palladium also got clobbered and was also halted. This is gold's worst since Bernanke 'tapered' in December.